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518 -3- # 2478, December 23, 3 p.m. from Chungking Chiang indicated with firmness that exchange rate for Chinese dollars cannot be changed. I said I fully appreciated his attitude on that question but suggested that other proposals looking to solu- tion of the problem such as reverse Lend Lease or suggestion Morgenthau had made to Kung regarding sale of gold might be adopted without necessitating a change in exchange rate. Mme Chiang said that Chinese Government's efforts to sell gold had been a failure; there was no market for gold. Chiang said he had been 8 tudying the matter of reverse Lend Lease, that he and Kung were much worried over whole financial situation, that it is impossible to alter exchange rate and imperative that value of national currency be supported. He requested me to see Kung again and, just before retiring from the room in his customary way, asked with a show of some emphasis and exasperation that I inform our military and treasury people that failure to support China's currency would result in both economic and military collapse of China. GAUSS THUNDS INATIONAL ARCHIVES AND RECORDS is SERVICE

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    "ocrText": "518\n-3- # 2478, December 23, 3 p.m. from Chungking\nChiang indicated with firmness that exchange\nrate for Chinese dollars cannot be changed. I said\nI fully appreciated his attitude on that question\nbut suggested that other proposals looking to solu-\ntion of the problem such as reverse Lend Lease or\nsuggestion Morgenthau had made to Kung regarding\nsale of gold might be adopted without necessitating\na change in exchange rate. Mme Chiang said that\nChinese Government's efforts to sell gold had been\na failure; there was no market for gold. Chiang\nsaid he had been 8 tudying the matter of reverse\nLend Lease, that he and Kung were much worried\nover whole financial situation, that it is impossible\nto alter exchange rate and imperative that value\nof national currency be supported. He requested\nme to see Kung again and, just before retiring from\nthe room in his customary way, asked with a show\nof some emphasis and exasperation that I inform\nour military and treasury people that failure to\nsupport China's currency would result in both\neconomic and military collapse of China.\nGAUSS\nTHUNDS\nINATIONAL\nARCHIVES AND\nRECORDS\nis\nSERVICE"
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