U.S. to sell gold to China in return for silver Washington D.C. July 9. At a conference in the Treasury Department today between Secretary Morgenthau, Finance Minister of China, Dr. H.H. Kung, and the Chinese Ambassador Dr. C.T. Wang, The United States arranged to sell gold to China in return for silver. Under the agreement the gold will remain in this country for use in the stabilization of China's exchange. In the photograph, left to right" Dr. Kung, Secretary Morgenthau, and Chinese Ambassador Wang. 7/9/37