Foreigners and companies were scrambling to get rid of a special foreign exchange scrip before it is devalued as part of a New Year’s currency reform. For some, the exchange took place smoothly. But customers at the Bank of China, the main bank dealing in foreign currencies, had to telephone bank managers to change their funds because tellers said the computer was down. Meanwhile, the government said it is enacting temporary, lower import tariffs to make up for the expected rise in import prices following the devaluation. The duty on some cars will fall from the current 200% to 150%, state-run television said, indicating that the devaluation may be about 25%.
INTERNATIONAL : Chinese Currency Reform Triggers Moves
From Times Staff and Wire Reports