YUEH-CHUNG OVERSEAS REMITTANCE CIRCULATION INCREASES

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP80-00809A000600330035-6
• Release Decision: RIPPUB
• Original Classification: C
• Document Page Count: 2
• Document Creation Date: December 22, 2016
• Document Release Date: August 29, 2011
• Sequence Number: 35
• Publication Date: July 20, 1950
• Content Type: REPORT

Sanitized Copy Approved for Release 2011/08/31: CIA-RDP80-00809A000600330035-6
CLASSIFICATION cONFIDENTIAI
~..a:~ :.tSta:Wa,
CENTRAL INTELLIGENCE AGENCY REPORT
INFORMATION FROM
FOREIGN DOCUMENTS OR RADIO BROADCASTS CD NO.
COUNTRY China
SUBJECT Economic - Finance
HOW
PUBLISHED Daily newspaper
WHERE
PUBLISHED Hong Kong
DATE
PUBLISHED 25 Jun 1950
LANGUAGE Chinese
of TNl UNITUD STATUS 1ITAIN INN .... ............ .... ..
N. S. C. at AND SI.AS ANUSDUD. ITS TUASSNIUSION ON TNl NlVIG710N HARRIS TC NIU
V In ITIOCST TLAW. IN l11Ul00VCTI0N OF THIS FOR N ISI USOMI SITED. 10 700?
Ta Kung Pao.
DATE DIST. Jul 1950
NO. OF PAGES 2
SUPPLEMENT TO
REPORT NO.
THIS IS UNEVALUATED INFORMATION
YUEH-CHUNG OVERSEAS. REMITTANCE CIRCULATION INCREASES
Canton, 24 June -- Great developments have been made in overseas remit-
tances in the Yueh-chung Special Administration District of Kwangtung. Prior
to April 1950, the national banks exchanged a very small number of overseas
remittances; money exchanges dealing in overseas remittances did not desire
to register. Since dependents of overseas Chinese were not willing to accept
People's Currency, they even requested that the remittances be sent back, in
a few cases. Overseas remittances had been piling up at Hong Kong prior to
May; it was generally estimated that a total of 15 million yuan in remittances
had collected in T'ai-shah Hsien alone.
Then the use of foreign currencies was successfully brought under control,
national banks devised systems whereby foreign remittances could be deposited
in their original currency, loans to dependents of overseas Chinese were made
in terms of overseas remittance deposit drafts and negotiable drafts, and pref-
erential treatment was accorded overseas remittances. In view of these devel-
opments, private banking institutions handling overseas remittances were eager
to register. By the end of May, 9 houses in Hsin?4hui, 2 in Hao-shan, 11 in
T'ai-shan, and 9 in K'ai-p'ing had been approved as provisional overseas credit
offices. Since then, the number of overseas remittances exchanged directly by
national banks or ovdjoeas credit offices has increased.
At Chiang-men, Hong Kong remittances for April came to 576,670 Hong Kong
dollars, which is an increase of 13 times over the March figures. In May,
there were Hong Kong remittances totaling 1,639,881 Hong Kong dollars and US
remittances amounting to 17,236 US dollars; this was a rise of 1.46 times over
April. During May,. Hong Kong remittances in T'ai-shan reached over '530,000
Hong Kong dollars and there was more than 31,000 US dollars in US remittances;
this was just under twice the runt for the preceding month. In Hsin-ch'ang,
Hong Kong remittances during May passed 300,000 Hong Kong dollars and US remit-
tances added up to more than 24,000 US.dollars; this increase was over 2.7
times above April. Totals for all areas indicate that Hong Kong remittances
in May exceeded 2,630,000 Hong Kong dollars while US remittances passed 90,000
t _nt Alin Tic doll
.are
US dollars; the whole sum would be Cailll V01CiJ4 to 52 Jc 6 v,vvv v..
- 1 -
CLASSIFICATION CONFIDENTIAL
,STATE NAVY
ARMY JAAIR
DATE OF
INFORMATION
Sanitized Copy Approved for Release 2011/08/31: CIA-RDP80-00809A000600330035-6
 Sanitized Copy Approved for Release 2011/08/31: CIA-RDP80-00809A000600330035-6
Many overseas Chinese dependents who had moved to Hong Kong and Macao to
avoid the difficulties in connection with the handling of remittances are now
returning to China.
Data for May show that an amount equivalent to 1,770,000 US dollars in
foreign remittances has been assimilated as deposited overseas remittances,
exchanged overseas remittances, and export foreign exchange certificates (the
last item totaling 1,t247,000 Hong Kong dollars in Maya ' The goal has been ex-
ceeded by more than 41 percent. Judged by figures already available for the
first 10 days of the month, the totals for June will probably show a great in-
crease over May.
eo.srsr'!.! T
N"" I. - a41
Sanitized Copy Approved for Release 2011/08/31: CIA-RDP80-00809A000600330035-6