By recent legislation the Bank of China has been made into a sort of a central bank and elaborate rules and regulations have been made to justify such pretensions. First of all, I wish to point out that the whole arrangement, although well intentioned, is not designed to help to reform currency or banking; secondly, it takes no stock of the existing native banks, who, on their part, have little to do with the Bank of China; thirdly, no attempt has been made to reform currency and the bank can do nothing to help towards it; fourthly, it is the evident wish of the Government and the bank also that the latter should dabble in foreign exchange. I have no doubt that the present management of the Bank is very efficient and, if it is unable to do much more, it is because the whole scheme is unsound. Therefore, it is not worth my while either to quote or critizise the regulations or the rules of the Bank of China - especially because it is as far from being a proper Central Bank as possible and it would never be one in the right sense of the word.