CCP ENCOURAGES REMITTANCES TO CHINA BY SIMPLIFYING EXCHANGE PROCEDURES

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP80-00809A000600290467-2
• Release Decision: RIPPUB
• Original Classification: C
• Document Page Count: 2
• Document Creation Date: December 22, 2016
• Document Release Date: September 28, 2011
• Sequence Number: 467
• Publication Date: March 14, 1950
• Content Type: REPORT

Sanitized Copy Approved for Release 2011/09/28: CIA-RDP80-00809A000600290467-2
CLASSIFICATION CCONFIDENTIA~
V I. I L. N
CENTRAL INTELLIGENCE AGENCY REPOR
INFORMATION FROM
FOREIGN DOCUMENTS OR RADIO BROADCASTS CD NO.
HOW
PUBLISHED Daily newspapers
DATE
PUBLISHED 24 Jan - 9 Feb 1950
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DATE OF
INFORMATION 1950
DATE DIST. /y Mar 1950
NO. OF PAGES 2
SUPPLEMENT TO
REPORT NO.
THIS IS UNEVALUATEC INFORMATION
CCP ENCOURAGES REMITTANCES TO CHINA
BY SIMPLIFYING EXCHANGE PROCEDURES
Chung-shan -- The Chung-shan branch of the People's Bank has accorded prefe-
rential treatment to overseas remittances from Hong Kong in the interest of facili-
tating trade and the transmission of remittances. On 15 January 1950, it designated
the Hang Kong Nan-yang (South Se'.s) Co mercial Bank, a- an associate bank, empowered
to accept overseas Chinese remittances and import-export exchange clearances.
Drafts remitted from Hong Kong will be exchanged according to the preferential
rate for overseas remittances, or in the form of foreign-exchange deposit certifi-
cates if cash is not desired. Drafts or foreign exchange submitted to the Nan-yang
,nmmercial Bank will be exchanged, or credited, in the form of deposit certificates
by the Chung-shan branch of the People's Bank at the rate posted on the previous day
at the Foreign Currency Exchange Center of the Y.uang-chou branch of the People's Bank.
The Chung-shen bank is also establishing a staff office at the border of Macao.
This move is designed to further control over gold, silver, and foreign currencies in
the South China District and to prevent the flight of capital from the mainland.
The Hsin-Hua (New China) Bank in Hong Kong has streamlined its remittance pro-
cedures for the benefit of its customers. The procedure now is similar to that used
by the post office for its registered letters. After the remittor indicates the
amount to be sent, the remittance is assigned a number by the bank's currency-con-
version section. Each remittance requires only about 3 minutes.
Fees charged for sending remittances are also very low. A remittance to
Shan-t'ou costs approximately the same as a telegram, and to Kuang-chou about the
9
DISTRIBUTION
Sanitized Copy Approved for Release 2011/09/28: CIA-RDP80-00809A000600290467-2
 Sanitized Copy Approved for Release 2011/09/28: CIA-RDP80-00809A000600290467-2
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HONG KONG RESUMES DIRECT EXCHANGE WITH INTERIOR -- Wen-hui Pao, 25 Jan 50
The People's Bank of Han-k'ou has appointed the Hsin-hua Hank of Hong Kong
as its representatives to carry on all forms of exchange and trust business be-
tween Hong Kong and the provinces of Hupeh, Kiangsi, Honan, and Hunan.
Before the resumption of through traffic on the Kuang-chou -- Han-k'ou
Railroad this business had been routed through Shang-hai. Since the resumption
of traffic, exchange business between these points has shown such an increase
that arrangements for direct transactions are justified.
To facilitate exchange activities, the Hsin-hua Bank has adopted the slogan
"no more than 3 minutes required to complete any exchange transaction."
FLIGHT CAPITAL RETURNING TO MAINLAND -- Hua-ch'iao Jih-pao, 2 Feb 50
Hong Kong -- According to an official of the Hsin-hua Bank in Hong Kong, re-
mittances to China have shown a marked increase in recent weeks, particularly to
Shang-hai, T'ien-ching, and Kuang-chou. The primary reason for the increase is
the newly stabilized condition of Shang-hai and Kt;ang-thou, which has induced capi-
tal which had previously fled abroad to return to the mainland.
HSIA-MEN CHINESE REMITTANCE BUSINESS GOOD -- Wet. hui Pao, 24 Jan 50
Overseas Chinese remittances through Haia-men (Amoy) have practically returned
to pre-civil-var normals and 62 of the orerseas remittance agencies operating before
the liberation have reopened. The authorities &-e giving the promotion of the enter-
prise every possible encouragement such as: preventing lose by fluctuation of exchange
while a remittance is in transit, permitting deposit of remittances in whole or in
part in the original foreign currency with interest, making it convenient to cash re-
m 'ttances, facilitating remittances to the interior, and assisting the agencies hand-
1inb remittances.
E~l Ur,.-
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Sanitized Copy Approved for Release 2011/09/28: CIA-RDP80-00809A000600290467-2