Tsuyee Pei
Pei Tsu-yi | |
|---|---|
| Born | 1893 Wuxian, Jiangsu, China |
| Died | 1982-12-27 Manhattan, New York, United States |
| Occupation | Banking executive |
| Years active | 1916–1973 |
| Known for | Leadership roles at Bank of China and Central Bank of China; participation in Bretton Woods Conference; financial reforms in China |
| Notable work | Establishing Bank of China's foreign exchange business; role in 1935 fabi currency reform; governor of Central Bank of China (1946–1947) |
Pei Tsu-yi, also known as Tsuyee Pei (; 1893 – 27 December 1982), was a prominent Chinese banking executive.
Originating from Wuxian, Jiangsu, Pei completed his studies at Suzhou University in 1911. At the age of 23, he began his career with the Bank of China in Beijing before moving to Guangzhou. During his time there, he declined to fund factions supporting Sun Yat-sen and fled following the Second Revolution, whereupon he founded the Bank of China's branch in Hong Kong. In 1927, Pei returned to Shanghai and utilized his expertise in international banking and arbitrage to grow the Bank of China's foreign exchange business, successfully challenging the dominance of foreign banks and establishing multiple overseas branches.
From 1934 to 1935, Pei played a key role in significant financial reforms, notably the 1935 implementation of the fabi, which ended China's reliance on the silver standard. During the Second Sino-Japanese War, while based in Chongqing, he collaborated with the Hong Kong and Shanghai Banking Corporation to sustain currency exchange operations despite limitations imposed by the Central Bank of China. His contributions were instrumental in stabilizing the fabi currency and he participated in the Sino-British Stabilization Board formed in 1939.
In 1941, Pei was appointed acting general manager of the Bank of China and represented the Nationalist government at the 1944 Bretton Woods Conference. He held the position of governor at the Central Bank of China between 1946 and 1947. As the Nationalist government retreated to Taiwan in 1949, Pei traveled to the United States seeking support. Beginning in 1952, he served as a director for C. V. Starr & Company, which operated within both American and Asian insurance sectors, and later took on a directorship role at Hong Kong's Shanghai Commercial Bank from 1962 until 1973.
Pei's first marriage was to Lien Kwun, followed by a second marriage to Aileen C. Pei. Among his six children were distinguished sons Y. K., Y. T., and renowned architect I. M. Pei. Tsuyee Pei passed away in Manhattan on 27 December 1982 at age 89, survived by his second wife, offspring, and seven siblings.