At a time when other countries have been depreciating their monetary units..., China, whose currency is on a metallic basis, has seen the value of its monetary unit steadily appreciate...

If the Chinese exporter is to retain his markets, it must be by marking down prices, thereby communicating the evils of deflation to producers throughout the country... Furthermore, heavy exports to silver have seriously contracted currency and credit in China, which makes for higher exchange and lower prices.

(Dr. H. H. Kung, China’s Minister of Finance, October 10,1935)¹

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