When did the earliest bank appear in China? What did it look like? You can find the complete answer to th
ese questions when you enter the Rishengchang Exchange Shop at No. 105 Nanda Jie in Pingyao.
The Shanxi Merchant Culture developed over the course of the 19th century, during the latter part of the Qing Dynasty (1644-1911). Its power culminated in the establishment of a network of private banks that operated all over the country. By undertaking the administration of public welfare schemes and the disbursement of civil servants’ salaries, this mighty commercial organization, from its base in Shanxi, steadily permeated the Qing government. Through their relationship with the political authorities, these entrepreneurs gained prestigious status. A host of exchange shops scattered around Pingyao provides a historical record of these business activities.
The City claimed to have twenty-two out of the total of fifty-one banks in the country with a distribution of four hundred subsidiary branches. The glory of Shanxi crumbled in the wake of the final Chinese dynasty at the beginning of the 20th century. Of these many banks, Rishengchang at No. 105 in Nanda Jie is the most famous.
Rishengchang Exchange Shop was the original bank in China. It was on this same site in Pingyao, that the head office complex was established circa.1823 in the reign of the sixth Qing Emperor. Covering an area of 1,400 square meters (15,069 square feet), it has twenty-one buildings around three courtyards on a north-south central axis. The counters are arranged on either side of the front yard. The three rooms in the middle courtyard house the exchange center, where primary operations were carried out. Guest rooms are to be found in the wings beside the main hall. In the rear court there are five main halls.
As an important financial institution, Rishengchang devised many initiatives for its banking system. For example, just opposite the door hangs a tablet inscribed with a few lines of poetry. In actual fact they are some of the earliest cryptograph characters that, like Morse code, represent a series of corresponding numbers. The cipher was constantly changed so as to restrict its interpretation to just a privileged few. Moreover, other security techniques, such as seals, watermarks, and handwriting of certain styles, were applied to the drafts issued by the bank. For almost more than a century, Rishengchang exerted a monopolistic influence in the country.
Today, in this museum, you can both find historical records of Chinese banking as well as interesting anecdotes about some of the ancient financial magnates.
There is also the Xietongqing Exchange Shop which is an alternative for you explore
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