Founded in 1823, the Rishengchang Piaohao is the first and also the biggest draft bank in Chinese history. Located in the prosperous West Street of Pingyao City, it was the forerunner of Chinese banking specializing in silver remittance, money exchange, deposits and loans. During the turbulent times of the 19th century the bank maneuvered among various business circles with 500 branches in major Chinese cities and even extended its business to Tokyo, Osaka, Singapore, Moscow and Calcutta. It once even operated and controlled the economic arterys of the Qing Kingdom and exerted a monopolistic influence throughout the whole country.
<br /><br />
With the development of the “Piaohao”, the unprogressive situation of Chinese banking was ended and a new era of the financial industry was opened up. Now the Rishengchang has become a museum of Chinese banking, equipped with over 20 exhibition halls to show the developing track of banking in China. |
