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PEKING--Commerce Secretary Juanita Kreps and Chinese officials will sign an agreement today paying Americans for property Chinese Communists confiscated 30 years ago, U.S. officials announced yesterday.
The agreement removes the last major block to full economic relations between the United States and China.
Under the agreement, China pays the United States $80.5 million to satisfy claims of American banks, corporations and individuals whose property was nationalized after the Communists took over. The United States agrees to free an equal amount in frozen Chinese assets.
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