Statement on Financial Aid to China.

The discussions between the American and the Chinese authorities in the field of financial cooperation have progressed. There is contemplated a credit to the Chinese Government of $100,000,000. Of this, a credit for general purposes to the amount of $50,000,000 has been decided upon by this Government. Arrangements for early allocation of the balance, namely, $50,000,000, for purposes of monetary protection and management as between American and Chinese currencies are now in process in consultation with the appropriate Committees of the Congress.

The Secretary of the Treasury will appear Monday forenoon before a joint session of the Senate Committee on Banking and Currency and the House Committee on Coinage, Weights and Measures. At this time, he will bring to their attention the proposed extension of a $50,000,000 stabilization arrangement with the Central Bank of China.