Bulgaria adopts the euro, replacing the lev, becoming the 21st member of the eurozone.

CHINA has suddenly abandoned the metallic silver currency standard, adopted managed paper currency and otherwise reformed its monetary system. The four-point program was announced in Shanghai by Finance Minister H. H. Kung just after Vice President Garner and his party of congressmen had left the city for Manila. The American party was entertained by high Chinese officials, including Kung. But, despite much oratory of the hands across the sea character, no hint was given of China's contemplated action. However, all English language newspapers in Shanghai carried long interviews with Senator William H. King of Utah and Senator Burton K. Wheeler of Montana, both of whom practically told China that it was not any of her business what America did about silver and predicted the continuance of United States purchases until the price of silver has reached $1.29 an ounce. The new Chinese program provides for: 1. Naturalization of silver. 2. Restriction of bank note issues to three government owned banks. 3. Sterilization of the Chinese dollar at the present level. 4. Legalization of bank notes for payment of all debts which provide for payment in silver.