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  • Chapter 2 - Hyperinflation and the Rivalry between T. V. Soong and H. H. Kung

  • Parks M. Coble, University of Nebraska, Lincoln
  • Book:
    The Collapse of Nationalist China
    Published online:
    10 March 2023
    Print publication:
    30 March 2023, pp 41-79

  • Summary

    This chapter looks at the two men, T. V. Soong and H. H. Kung, who dominated financial positions from 1928 until the collapse of the Nationalist regime on the mainland. Both had personal ties to Chiang through his wife Madame Chiang Kai-shek (Song Mei-ling). A bitter rivalry developed between them that impacted the entire coterie of financial and banking officials. On a related issue, it examines the prevalence of American education among financial officials and its impact on ties to America, particularly in the Soong family. This chapter uses the papers of Lauchlin Currie, a key aide to Roosevelt, who made several trips to China on his behalf. The chapter closes with an examination of the way in which the two men have been portrayed in writings about the Chiang Kai-shek era, suggesting some reevaluation is needed.

    This chapter examines the scandal associated with the American Dollar Bond issue and the resignation of H. H. Kung