Qianzhuang - Knowledge (XXG)

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capital strength of the firm owner and the amount of property they owned. As Chinese firms have always implemented an unlimited risk liability system, which meant that the variables whether or not a company can afford to pay its debts isn't dependent on the capital of the company itself, but on its shareholders' capital strength. The second aspect is a subjective one, as it concerns itself with the moral conduct of the company's boss, this is because the credit loan is assumed according to the general rule that shareholders have an unlimited risk liability in traditional Chinese society, and how much capital the company and its individual shareholders have independent of the company, loaners can only acquire a rough amount of knowledge in this field, this is because if the shareholders go back on their words, it would be difficult to chase them and get the loan back, so whether or not the shareholders of the applying company are trustworthy matters a lot for the risk assessment of the

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contacts the businessman cannot make a living. And while all the rules of traditional Chinese social networks appear very informal, they were very effective in trying to enforce a so-called economic form of "collective exile mechanism". This system of exiling people from success was very dependent on three things; the first was a semi-closed collective, the second was a monopoly profit, and the third being collective exile itself. A semi-closed collective of businesses would monopolise an entire industry, this would mean that outsiders can't easily get into this industry. As the monopoly is formed, its members will share their profits, but if an agent is indefinitely blocked or banned from participating in the collective their profits will be the subject of great shrinkages. The way that these collectives formulated both written and unwritten rules forced all of its members to hold themselves to these rules to ensure that the

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easily acquire a large social network of trustworthy friends. By gaining these friends and acquaintances, he will more easily understand how businesses work and will have more opportunities in doing business. And because he has more business opportunities and has a lot of talented friends he will be more able to easily acquire capital in a natural way. Because the way this works, in traditional Chinese business culture, people viewed their "business credit" with paramount importance, as a person's credit is their most important capital being viewed as more important than anything else. In the case that a person's financial capital has been lost, but he would still maintain his credit, there would in fact still a chance that he were to make a comeback. However, if the businessman were to lose his credit, he would have no more chance to ever recover or do business in the future anymore.

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relationships. Though this can also be viewed from two perspectives, one perspective is that as the greater the capital and financial power of shareholders is, the more friends they would have, including more richer friends who also have more capital. While the other perspective sees that the more general credibility the shareholders have, the more righteous their friends would be. Because of these reasons, the shareholders with large social networks would be able to accumulate enough capital, even without using their own assets, as they could do this only by using their friends for acquiring capital.

3964:. This habit had also become an effective exile mechanism for excluding certain people from succeeding in traditional Chinese society. If a person had rather good credit, even if their business was in grave danger, some people were always willing to help, even if the business was doomed to fail, after its failure, the commercial credit is not lost as there were still some perceived opportunities for a comeback. On the contrary, if a person had bad credit, they would have been resisted by the others, making every business move difficult, severely hampering their chances of success in any field. 6307: 6048: 2218:, this new series of banknotes, which was under the aegis of Zhang's coin factory and provincial tax revenues, would circulate locally and had enjoyed a good reputation in its early years of their issuance, this fact ought to be accredited in part to Zhang and his policies. This changed however in the year 1926 when the issue of Hubei Guanpiao banknotes became erratic. Both the Wuchang and Hankou branches of the Hubei Guan-Qianju rushed into bankruptcy in 1927, this led to the establishment of another bank, the 94: 2752: 4009:. If the person with a doubtful or unknown creditworthiness would then refuse to repay their debts in the future then their guarantor would then be forced to pay on their behalf. The reliability of this system is dependent on the willingness of the guarantor to repay such debts and how reliable the guarantor's "business credit" is. In this system the relationship between the person with a doubtful or unknown creditworthiness and their guarantor is paramount in deciding if the 6391: 2131:. The reformers of the late-Qing dynasty era would plead to the Emperor to create government-run banks which would be able to counter foreign economic inroads into the Chinese economy. Despite seeking to modernise both the Chinese banking sector and economy, the arguments put forward by these reformers were not materially different from the arguments made by earlier Qing bureaucrats who had attempted to persuade the Manchu administration to overprint the failed 6362: 6319: 6271: 6259: 6223: 2175:

surrendering more central powers to banking and financial institutions. The government of the Qing dynasty during the 1890s and 1900s was often blighted by both indecision and contradictory policies that would obviate any lasting synergy between the imperial government and private financial and monetary spheres. By the 1850s, or possibly even earlier, this deficiency in centralised monetary policy had allowed privately funded British trading houses and

6350: 6338: 6283: 3304:, while other strings could contain between 30% and 50% of counterfeit and underweight cash coins. The actual number of cash coins on a string and the percentage of counterfeits in a string was generally known to everyone who resided in that town by the type of knots that were used. Each of these different kind of strings of cash coins fulfilled different functions. For example, one string of cash coins was acceptable to be used in a local 3208:, the ones that emerged during the late 20th and early 21st centuries tended to be privately owned businesses, they have structures of partnership or sole-proprietorship, with assumingly unlimited liability, they also tend to be operated solely by privately financed credit, they egregiously rely on their owners’ social circles, are barely protected by the Chinese state or any of its laws, and are often accused of being 5192: 4536:

small loan companies (per 10,000 people) in the same areas in 2013. These results are potent to controlling for a range of confounding factors including economic growth, the structure of the local industry, state-owned banking companies, and the geography of these small financial institutions, among others. The researchers of VoxChina suspected that these correlations might be related to the tenants of

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law, but while the Chinese government would still give creditors strong support if someone were to default on their loans, it was very uncommon for someone in traditional Chinese society to involve the government or any other form of judicial action in any way during civil disputes. Society itself developed a form of civil checks and balances to punish any bad actors or untrustworthy businessmen.

3016:, the city's financial order was swiftly restored. The measures taken by the Communists included the enforcement of official registry codes, setting a higher mandatory reserve and registry-capital, creating a standardised set of codes for both bookkeeping and issuing commercial loans, making market speculation illegal, unifying two draft exchanges of commercial banks and the Hankou 3883:, the morality and management ability of the business managers, the market conditions and prospects of the invested projects, the private life of shareholders to see if they'll be able to cover the loan, and the private lives of the managers. How accurate these investigations tended to be was largely dependent on geography and the human relationships of the involved parties. Most 6374: 6295: 6247: 6403: 6235: 2247:, which was 400 to 600 taels of silver for renewing members, and 1000 for newcomers, should continue. During this era there was rampant amounts of frauds and forgeries being reported, to address this Zhang simply ordered that the trade census be thorough and that more responsibilities should be assumed via a form of mutual governance by the trade conducted by the 1308:, it was required for the shareholders to compensate with their own lives. Therefore, the management of managers is to take not just the investments but also the lives of shareholders in the game, the responsibility of the managers in this respect was quite heavy, naturally there was also a high sense of moral responsibility associated with the profession. 36: 2642:(also written as "Midzuno"). The Japanese were the first to utilise this clique system and it was later adopted by the Chinese themselves for record keeping. He recorded there to be 65 Ben-Bang, 26 Xi-Bang (9 from Ji’an and 17 from Nanchang), 6 Hui-Bang, 8 Shao-Bang, 16 small Qianpu and Yin-Lufang with no identifiable native-places; a total of 121 1342: 5515: 2058:, protected them from Chinese government intervention. But because they were bound to only Chinese treaty ports most foreign banks would not establish any branches in other Chinese cities, with the notable exception being the capital city of Beijing which was politically both high important and very sensitive. 3495:, much like all the other organic, private-order arrangements were badly hit, in a negative way on the monetary Chinese market. These private arrangements often concerned the individual intermediaries which were employed by foreign banks and financial institutions to guarantee Chinese liabilities like the 4535:

before the year 1911, the density of small loan companies tended to be higher in 2018. In terms of magnitude, VoxChina found a 1% increase in the number of historical financial institutions (per 10,000 people) in the late Qing dynasty era increases 0.096% of the number (and 0.158% of total assets) of

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guilds used to prevent entry by new players was utilising a peer recommendation system and by creating qualification examination of applicants. The main focus on whether or not a new player should be allowed to enter the marker was to only get well-educated shareholders that had the financial ability

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is always met over those of the individual. If any member would violate any of these rules, including unwritten rules, they would be subject to a form of punishment known as "non-violent non-cooperation", and these people would then be banned from the collective. Through this means of the threat of a

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would often specialise in these informal meetings to gather information on potential clients learning about their personalities, how they conduct their business, the strength of their capital, and what their most current situation is like. The street runner will then return all of this information to

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had a staff member called a "street runner" (these people generally occupied the salesman position of the "Eight Butlers" hierarchical structure), street runners would go out every day to make contact with both their customers and their customers’ business associates as well as to explore everywhere.

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include the "Shanghai Qianzhuang Shiliao" (Historical Records on the Shanghai Native Banks), "Wuhan Qianzhuang Shiliao" (Historical Records on the Wuhan Native Banks), the "Wuhan Jinrong Zhi" (Wuhan Financial Gazetteers), and the "Hubei Shengzhi Jinrong" (Hubei Provincial Gazetteers Finance Section).

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and other Chinese liabilities before foreign institutions, but they did not actually have the leverage to guarantee any metallic money, such as the silver coins, disbursed by foreign institutions in the Chinese (monetary) marketplace. As China was suffering from a highly fractured monetary condition,

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of 1925 in Shanghai, the city of Hankou also became an important centre for Chinese anti-colonialism and anti-imperialism movements. The British concession in Hankou would be abolished due to the actions of the Chinese anti-colonialism and anti-imperialism movements. The events completely changed the

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were linked together in a vague concept known as "Tongxiang" (which could be translated as "hometown-folk"). This division was seen as a source of both market stability and cohesiveness, in the city of Hankou they were known as "Bang" and had a suffix attached referring to their place of origin. If a

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which only had as little of 20,000 to 40,000 taels of silver in capital reserves would often make loans to lenders that numbered in multiples of hundreds of thousands of taels. In the year 1907 the Fukang Qianzhuang in Shanghai, which only haf 20,000 taels in paid-up capital had issued over 1,000,000

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had engaged in borrowing millions of taels in silver in loans from foreign banks on a yearly basis. The Qianzhuang on-lent funds from foreign banking companies to Chinese traders and merchants who engaged in the wholesale of imported products until these merchants would sell their stock and were able

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had to make sure that they'd always hire the most qualified individual for the task, as this job required a great deal of trust and the selection process had to be done as carefully as possible to ensure that the most qualified manager headed the operation. Some shareholders would appoint supervisors

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market from the get go, there were two large ways how it decided for enforcing these restrictions to prevent new players which it perceived as being "unqualified" from entering, the first was by restricting its "public facilities", such as its interbank remittance function and the Shanghai interbank

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did have a very meticulously kept method of accounting and the reason for the auditing ban was not so credit-granting enterprises do not have any accounts to check, moreover the financial organisations were both very liquid and carried an unlimited risk liability. The reason why no audits took place

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reported on the during their history such as the "Qianye Yuebao" (Money Business Monthly) issued by the Shanghai Qianzhuang Guild between February 1921 to May 1949, which printed voluminous trade notes, and publicised the trade voice as an insider source. Another contemporary source on the activity

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in 10 groups of (supposedly) 100 cash coins each, these strings were separated by a knot between each group. During the Qing dynasty period strings of cash coins rarely actually contained 1000 cash coins and usually had something like 950 or 980 or a similar quantity, these amounts were due to local

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was wholly independent of the equity or capital of the bank itself but was based on the credit of the shareholders themselves as well as the credit of their whole family. The stronger the financial resources of shareholders and their families and the more prominent their credit and reputation in the

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guild distributed its daily market flyyer to the regions surrounding the city on regular basis. Its issuing volume surpassed 20,000 flyers a day. However, this number fell to only 10,000 after the catastrophic flood of 1931 that inundated Hankou and killed more than 30,000 people in two months which

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Traditional Chinese business circles traditionally attached a great number of importance to commercial credit, this perception extended to the entirety of their business circle and businessmen placed an extremely high value on their commercial credit seeing it as their "second life", in fact an old

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notes, the intermediary business rose up during the mid-19th century in Chinese treaty ports in response to both language barriers and information deficits facing foreigners who wished to do business in local Chinese markets. These intermediaries were commonly known as "compradors" to Westerners or

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had a sufficient number of its own capital to stay afloat it decided to successfully transform itself into a metal-nail factory in the area of former Hankou. But by 1952 this factory would face debts that were skyrocketing and closed its doors. The United Commerce Bank of Wuhan would convert itself

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started to attempt to lobby Nanjing to cease the new regulations, throughout China the new regulations were met with great resistance. During the beginning of the year 1948 a new local regulatory body was set up to enforce the new regulations and codes set by Nanjing. But despite these measures the

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on average received deposits from 2000 yuan to 120,000 yuan, since the last official trade census they had raised their cash reserve from 300 yuan to 10,000 yuan. The differences between the 1918 and 1919 reports could have arisen due to the fact that the majority of smaller private banks were only

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had over foreign banks was the fact that they had leeway to popularise their banknotes in the vast Chinese hinterland that stretched far beyond the confines of the treaty ports, which the foreign banks were bound to. However, within the treaty ports of China, these foreign banking companies enjoyed

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tended to make their profits from relatively high interest rates which they would charge on unsecured loans to medium-range merchants, while the Shanxi banks subsisted their profits more on draft commission. Because of these different business models, some Shanxi banks were known to deposit some of

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In Chinese ancient cultural tradition credit, in a more deep sense, is a very important element, if not the most important element, for traditional Chinese business circles. It was believed that a virtuous person with good "business credit" would be recognised by society as a good person and would

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had more thorough information about the merchants that they were dealing with. Both foreign banks and Chinese banks that had emulated the western commercial banking system had the habit of this in-depth investigation and didn't have the pipeline of in-depth regional business relationship networks,

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As the imperial government of the Qing dynasty was severely strained fiscally, they had to face the same dilemma as they had faced during the 1850s. This dilemma was how to retain their revenue without causing severe inflation which would provoke large scale resistance from the people, and without

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from the province of Zhejiang, who had a business network which covered most of the southern regions of China, was forced to declare bankruptcy following a disastrous business decision. Hu Xueyan spent millions of taels to purchase raw silk to try to get a monopoly on the silk trade, unfortunately

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During the latter half of the 19th century Shanghai had large native Chinese banks which were credit institutions and smaller native Chinese banks that were non-credit institutions, these smaller banks were divided into 4 classes these classes were based on a kind of numeration following the first

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of the net earnings went to owners of the business, and the remaining profits went to employees, but the chief manager would still decide how to distribute the bonus packages. Normally, the chief manager would take 20% to 30% of the total bonus; the others shared the rest based on both performance

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engaged in. This is because the "business credit" of person can decide their career paths and because losing credit is so influential on their career they will choose to continue paying debts, even after bankruptcy. In traditional Chinese society there existed no well developed form of commercial

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had adopted civil and commercial law in accordance to the rise of commerce, up until the early years of the Republic of China, Chinese governments did not adopt that many civil and commercial laws, in fact Chinese society itself had formed the credit economic operation rules which is suitable for

2147:. But as the monetary discourse had been altered so much during this period that while the reformers in the 1850s had been castigated for their suggestions, the reformers in the 1890s could make more daring propositions with impunity, such as proposing that the Chinese government should adopt the 1417:

would issue company scrip against individual deposits, this scrip was also accepted by proximate shops but to cash these out would take around 10–15 days after it was given to the shop, this was because couriers would have to liaise with the issuing shop in order to rule out fraudulent Zhuangpiao

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were either hired directly by the shareholders or were recommended by managers. It is only natural that such an organisational structure can not only maintain the authority of the management, but could also implement policies and guidelines effectively. This structure also allowed for there to be

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Traditional Chinese society views interpersonal relationships as extremely important and every person has both a semi-closed and semi-open circle of contacts with whom they interact. Businesspeople need their friends in a traditional Chinese society like a fish is dependent on water, without his

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had on credit loans mainly depended on the credit of the debtor, "business credit" (as it was popularly called) does not have a normative definition. In general "business credit" should include three aspects and was divided into three levels: The first aspect was rather objective, which was the

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during this period hosted another periodical which was named "Zhonghang Yuekan" (Bank of China Monthly) which was issued during the years 1920–1938. The archived documents of the "Zhonghang Yuekan" are compiled in cities like Shanghai, Wuhan and a few others and include government reports, news

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and the foreign banks in China may have also been derived from the overemphasis laid at banknote issuance as a definitive constituent of modern banking by Chinese reformers during the late-Qing dynasty period. These reformers were quick to point out how Qing China's institutional weakness was a

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system is one of the most representative forms of business development in imperial China's financial industry. It played an indispensable role in the history of Chinese finance and even the economic history of China, as well as the transition from the traditional Chinese economy model to a more

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dealt with were inherited from earlier Chinese dynasties, or were re-cast in the furnaces of imperial mints and private franchised furnaces, or illegally elsewhere. The face value of cash coins were often not contingent on intrinsic value of the metal they contained. The silver-purity standards

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ties and they were rarely patronised by the local government authorities. A large number of these early ventures were simply a business that some merchants families kept on the side and a few of them were also seen as an investment of government officials or those who belonged to the landowning

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generally had a rather strong family(-like) style about personnel arrangements and how they would function. The selection process of shareholders, managers, and even apprentices is rooted in the Chinese tradition of "consanguinity, kinship, geographic, and professional affinity", this system is

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of the shareholders. This type of social network in general would refer to the collection of relatives, friends, as well as customers of the shareholders. This aspect is used because the shareholders have the potential ability to accommodate capital for their investments through their personal

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During this era Chinese banknotes had a lot of different currency units and almost every small region had their own regional currency with regional standards, Dr. Wen Pei Wei, in his 1914 book "The Currency Problem in China", stated "of a currency system it can be seen that China currently has

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and even went so far to borrow money from foreign banks to invest into rubber stocks. Together these shareholders bought 13,000,000 taels of silver worth of rubber stocks. In the year 1910 the total number of investments made in rubber stock companies was as high as 60,000,000 taels of silver,

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formerly practiced. In March of the year 1901 Zhang Zhidong commanded his subordinates to repudiate those magistrate seals on the Hubei Guanpiao banknotes that were issued as Zhang forthrightly explained to them that his foreign-made printing machines applied anti-forgery techniques, and that

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were always quite eager to make it and then be able to stand on their own feet. As the Chinese financial market became too crowded more and more vicious competition began emerging. This situation made or inevitable that there will be a culture of speculative risk-taking throughout the entire

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disappeared almost inconspicuously in the year 1952. The Hankou archival evidences from the local sources indicate that their official dissolution been the result of political changes rather than from their inability to serve modern businesses or any form of resistance against ruling orders.

2229:, but scholarly debates still question whether or not his actions were helpful in reviving China's aged monetary system. Yun Liu argues that Zhang's acts may have in fact contributed in making the system even more chaotic than it initially was, by introducing a provincial bank (or provincial 3379:(銀錢票, "silver money notes"). This scrip was also accepted by proximate shops but to cash these out would take around 10–15 days after it was given to the shop, this was because couriers would have to liaise with the issuing shop in order to verify their authenticity and rule out fraudulent 4000:

wanted to do business with a person but they doubted their trustworthiness and/or creditworthiness they would use guarantees. Using guarantees was there only secure measure of risk control in these cases. If a person with a doubtful or unknown creditworthiness would apply for a loan at a

4524:) over the past couple of decades before the study and how these informal financial institutions both emerged and rapidly expanded. The analysis found a positive correlation between the density of historical financial institutions and the density of modern informal small loan companies. 3418:

and were both accepted by local and foreign banks. The Qianzhuang would mobilise their domestic resources to an order of magnitude that would exceed the paid-up capital that they initially received several times over, this happened mostly through issuing banknotes and deposit receipts.

1323:(meanwhile for depositors the goal of debt recovery is rather obvious and concentrated), together with the support of the Chinese government, a wealthy family of shareholders, within the timeframe of only several days, may ruin all of their fortune and they would become street beggars. 2354:

Initially this proved to be a sound investment strategy as the price of rubber stocks hit a historical high in April 1910, but these stocks became almost worthless almost 3 months later in July of that same year. As a result, more than 100 people in the city of Shanghai had committed

1569:, which could be translated as "remittance houses"), the Shanxi banks specialised in long-distance money remittances which they would engage in on behalf of agencies of the Qing government or to dispatch of government officials’ emoluments. In the middle of the nineteenth century the 1490:

currency system with fluctuating exchange rates. number of coins in a single string was locally determined as in one district a string could consist of 980 cash coins, while in another district this could only be 965 cash coins, these numbers were based on the local salaries of the

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were highly adaptable to changing circumstances. There were not only checks and balances between the same level of authority, but there were also a number of supervisory constraints between the upper and lower levels of the staff, this was done as a way to enhance the ability of

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for Hu Xueyan, foreigners started boycotting him causing him to sell the silk at prices below the ones for acquisition bankrupting him in the process. This whole ordeal caused Hu to become unable to pay the 560,000 taels of silver that his company owed to 40 different Shanghai

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apprentice programmes or from other employees, and most of these staff members also tended to have "pan-family" relationships with shareholders. In fact there were strong "pan-family" tendencies in the selection processes and the appointment of various other positions at most

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since their founding. The reason why credit loans in particular were needed is because many small local businesses relied heavily on them, this was particularly because of the agricultural nature of the pre-modern Chinese economy. And because the entire lending system of the

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European and Japanese banks had the ability to readily lay down funds in the Chinese treaty ports because these banks had established exclusive relationships with native foreign trading houses. These foreign trading houses in China were ever ready to exchange local money for

3139:(Shanxi banks), and commercial banks, into a single category. The local government of Wuhan attempted to negotiate mandatory deposit reserve ratios for banks, valorise credit markets, and release tighter remittance restrictions on all banks to stimulate the ravaged economy. 2306:

members in the city of Hankou. This meant that the trade was voluntarily halted for months. This led to several panicking merchants to commit suicide as a desperate last act in an attempt to salvage their names. Eventually further runs on the banks ended and the Hankou

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in the treaty ports where they were allowed to operate. Foreign banks typically would fail to heed attendant reserve requirements customary in the Chinese banking sector, this was something that set them apart from traditional Chinese financial institutions such as the

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and found a positive correlation strengthening their hypothesis that their presence is related to Confucian culture in absence of strong modern legal protections which may cause modern banking and financial institutions to rely more on traditional methods of conduct.

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guilds was through the support of local Chinese governments. Because the money industry deeply involves in the local financial stability of any reason, it had become impossible for local governments to ignore it or its significance to the population. During the late

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would continue to claim infinite liability, without actualising an incorporated form, in reality this caused their business traditions to hold a resisting effect to any adoption of fiscal reforms. Yun Liu also argues that it would be futile to argue that either the

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also hired several associates to assist the manager, and the number of staff from each position as low as apprentice to as high as manager was never certain, as all employees are shifted according to both the scale and the focus of the business. Staff members of a

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guild it couldn't engage in necessary things such as interbank remittances and interbank money lending making it severely disadvantaged if not crippled from participating in the Shanghai financial market. The second method of having power over non-associated

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of elsewhere. Hankou being a hinterland city would be more affected by the multitudes of local constraints, despite these local constraints Hankou was the second largest business port in all of China behind Shanghai during this period being often called "the

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would be carried out using a vast network of partner institutes, the owners of these other financial institutes would often hail from the same region, yet most of these small private banks would only operate locally. Comparatively, the financial landscape of

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because of this reason they were incapable of directly contacting local customers and providing them with financial services. This was also the main reason why both foreign banks and modernised Chinese commercial banks remained so heavily dependent on the

2202:. The Hubei Guan-Qianju provincial bank established another branch office in the city of Hankou in January of the year 1897. Despite being established during the 1890s by a Chinese provincial government, it was not a modern-style bank but a province-owned 4171:, where he insisted on the incorporation of a new bank to be better equipped to compete. His plans included an elaborate scheme of staff duties, how the ownership should work, and its corporate bylaws. But this proposal was disregarded by the higher ups. 4349:

guild, so the relevant functions of the guild were assumed by the local government. But as the Chinese government usually didn't understand how the actual situation of the local financial market functioned their effect wasn't as strong as that of the

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that were richer tended to place the salesmen at the top of the "Eight Butlers" hierarchy because they were more important in expanding their business and other positions like that of interbank manager was placed second and that of accountant third.

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would elect members that would serve in a standing committee to fulfil duties such as planning events, settling disputes, the clearance of trade, publishing flyers, and welfare for the staff. The costs of operating the guild were shares among the

994:, which managed to survive the chaos of the uprising. The average interval time of draft-exchange business was 5 to 15 days; then it was converted to a daily base after 1911 to satisfy expanding monetary and fiscal transactions done by the Hankou 2263:, or otherwise simply resume with their current policy as it seemed a fine option to maintain a registration fee of 600 teals for renewals and 1000 for newcomers. Despite facing a heavy burden of extortion by the municipal government, the Hankou 2242:

in the city of Hankou, Zhang instructed his subordinates to reduce this number to "the ideal number" of 100 and that this number would have to be maintained forever. Zhang Zhidong also stated that the yearly flood relief donation collection from

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and foreign banks would be mutually beneficial as this allowed for the traditional Chinese banks to serve as intermediaries between them and Chinese merchants or the Qing government making them invaluable for foreigners doing business in China.

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is facing a broken capital chain, with poor liquidity, or risks becoming stuck in a debt crisis, shareholders will take unlimited risk responsibility to ensure the interests of creditors with all their capital strength outside of the concerned

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in this case) he set precedent for other provinces to follow suit causing the central government of the Qing dynasty to lose even more control over the Chinese monetary system. Zhang's actions were also detrimental to the success of the Hankou

3052:, superficially resembled the reforms of the Soviet Union, the Chinese Communists would adopt a strategy which they dubbed "cultural positioning". This model would utilise traditional Chinese cultural influences in the process of implementing 780:

This could lead to misconduct or embezzlement; thus the intervals of internal auditing and dividend distributing were synchronized afterwards. The western double-entry method was slowly adapted to replace the traditional ones. Usually around

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in 1927 35 million strings in Hubei Guanpiao banknotes, which accounted for about half of the total of Hubei Guanpiao issued, were lost in the lengthy recall process by the defunct banks, as these banknotes had become completely worthless.

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An example of how the modern day situation seems to mirror the 1950s is the fact that the local government of Wuhan merged dozens of smaller local credit companies, that experienced a wild growth during the 1990s, into a new bank named the

3758:, and modernised commercial banks, as well as to acknowledge the tightness degree of money and interest rate fluctuations which occur in the Chinese financial market, and they have to be ready to borrow more cash when the business of the 4023:

collective exile, all members generally will keep to all rules due to the fear of this happening to them if they would break them. This culture of collective exile also means that guarantees are an effective form of risk management for

3899:. Generally speaking businessmen of each profession would meet up and discuss business in a fixed location with each other regardless if they had something to do professionally together or not. The street runners employed by the 1802:, these foreign banks were otherwise much better capitalised, this meant that the monetary credit that they advanced reinvigorated the foreign trade at the Chinese treaty ports, which would often lapse into patterns of barter. 846:

business. A united voice of "armpit partners" also had the power to protect their pecuniary interests from being funnelled to the dominating partners. This model of "armpit partnerships" would serve a defensive mechanism (or a

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acquiescing seals would hamper circulating and competing banknotes issued by modern banks in China. The Hubei Guanpiao was abolished in 1927 with the bankruptcy of the Hubei Guan-Qianju. After the Hubei Guan-Qianju filed for

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to the depositors was not dependent on the amount of equity it had, rather on the abundance degree of the family background of the shareholders, as well as on the operation of any property which they owned. In fact, after a

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attempted to compare them and tried to see why one type of bank slowly disappeared while the other would continue to thrive in the same city, by comparing information available on both of them from the archives of Hankou.

3242:" in June of the year 2008. This regional bank is incorporated with both public shares and with state-owned assets. Yun Liu thinks that this rebranding might have been done to reflect a gesture of salutation to the Hankou 4540:

which harnessed a culture where these informal financial institutions only provide services to respected and credible people. VoxChina compared the density of informal and small financial institutions with the density of

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to form more alliances, the business model created from this situation was known as the "armpit partnership". The "armpit partnership" was designed as a way to avoid head-counting trade censuses by the local authorities.

2375:

weren't allowed to open other businesses or use the savings that were deposited at their bank for any other purposes. These newly introduced rules were made to ensure that a manager had to take full responsibility if a

4013:

will loan money or not, the further their relationship the less likely a loan will be made, but the closer their relationship, the less likely the guarantor would be unwilling to repay in case the loan-taker defaults.

734:

was the manager who was responsible for most decisions that were made by the bank such as dealing with daily trifles, business transactions, and the transfer of staff members. Because of the power the manager held the

4154:

disappeared is because they resisted adopting modern corporate structures and that they remained deliberately ignorant of how modern financial businesses operated. This narrative was stated by the manager of a Hankou

2048:

banks and the overall Chinese banking sector and how foreign banks operated in China, this was partially due to the geographical distribution of the different kinds of banks. An advantage which Chinese banks like the

1611:

entailed long business disputes, while many local Chinese archives repetitively documented mounting concerns to specie and silver forgeries which circulated at the time. It seems that the primary service of the early

2258:

fulfilled government set codes; a large number of them had not filed their registry for years. The administrative report advised that the local authorities should concede the registry fees furtively negotiated with

3435:

in China that British banks could simply not just to reject them when they were being offered to them by foreign merchants in China. During this era foreign banking companies tended to have an account at least one

883:

with their rather less rigorous internal control systems seemed to have reduced occurrences of internal risks due to their own staff. If the managers were not personally close to the shareholders who owned the

1939:

industry to restore itself following this debacle, but only 11 years later in 1894 the market was hit heavily by another crisis. During this time a large number of companies engaged in Qing China's lucrative

1764:. As foreign banks began investing more into the Chinese market, these foreign banking companies would fulfill the need for money that local Chinese banks had at the time by issuing short-term loans known as 3220:, their existence has become too ubiquitous to be trivialised. Yun Liu states that in spite of all the large changes which affected the economy of the People's Republic of China since the 1950s, there is a 4239:

were more prone to (permanent) closure was because they were more vulnerable to any changes in the political landscape due to their higher levels of exposure to political risks. While for politicians the

3406:

by the fact that many different currency units were traded based on the market rates and their relation to each other rather than using a standardised currency system as is customary in other countries.

1527:

had two kinds of their own funds, one is the equity capital, the other is the demand deposit in firm deposited by the owning shareholders, which is called copy or passport. Because the shareholders of a

4407:

to expand too much, leading to serious and quite vicious competition within the inter-industry of Chinese finances. For example, in Shanghai's financial and money-lending industry the newly established

1991:(匯劃總會, or clearing house) and would then proceed to clear their holdings of letters of exchange and banknotes, this allowed them to settle all the claims and liabilities of their accounts for that day. 860:

Lending out money is the greatest source of risk that these traditional bank faced in China. If the loan was steady then the risk would be greatly reduced, the paramount key to the risk control that a

2469:. In fact, when necessary, many shareholders can also use their own commercial credit to mobilise capital from the clique or their social network to maintain the credit to keep their business afloat. 3956:

Chinese saying stated "A promise holds more weight than one thousand bars of gold". This outlook on commercial credit was valued throughout traditional Chinese society as being a core part of their

4191:

system would be more Confucian-featured, thus would either be more privileged or deprived in business because of this style assumingly. Following the Wuchang Uprising which occurred in the city of

3960:. In traditional Chinese business circles, credit was not only viewed as a system of morality, but also a societal rule system to keep people in check. This system was just as effective as Western 690:

was led by the manager and his associates as well as a supervisor, the subordinate staff consisted of employees which were collectively known as the "Eight Butlers", these "Eight Butlers" include

3300:

coins, large and small genuine Qing dynasty cash coins, and different kinds of counterfeits, such as illegally private minted cash coins. Some of these strings would contain exclusively genuine

5516:“Silver, Copper, Rice, and Debt: Monetary Policy and Office Selling in China during the Taiping Rebellion,” in Money in Asia (1200–1900): Small Currencies in Social and Political Contexts, ed. 3839:

had developed very sophisticated risk control mechanisms. Unlike modern banks which primarily assess risks through the gathering of financial data, auditing specifically wasn't allowed in the

3316:

sorted all cash coins into very specific categories, then they would make up appropriate kinds of strings that were intended for use in specific markets or to pay for taxes to the government.

2367:, were forced to close their doors because they were drowning in debt. The government of the Qing dynasty was forced to borrow money from the foreign banks to be able to bail out the Shanghai 1300:

will be distributed by the shareholders based on the percentage of their shares, and the shareholders themselves will be fully responsible for paying the debts. If there is any issue with the

2267:

were still capable of escaping bureaucratic domination and they played a very active role in daily local business and maintained a relative amount of their own autonomy during this period.

1268:

still owed money would demand repayment from its shareholders and it wasn't uncommon for the (former) shareholders, even after a year or two after its closure, would still insist on paying

4005:

then this person would have to ask for a person with an established and recognised creditworthiness to be their guarantor and this guarantor should then provide a guarantee to the lending

2810:

and would not reject modern banks from its clearing-house in its process of exchange. This did not even change after the modern banks of Hankou had created their own clearing-house later.

1642:

and domestic and foreign commercial banks, a rather large financial network was established to communicate cross-regional trade and foreign trade within and with the Chinese Empire. The

2437:

unregulated businesses. The status quo would remain largely the same during the early Republican years, but the system based on social ties started experiencing more dynamic changes.

1181:

guild. This national guild would gain members from 38 other cities in October of the same year as it began to expand, one of the reasons why more cities started joining this national

1129:(南公所, "Southern industry office"). These two guilds handled things like the draft-exchange business practiced among their members separately. There was another guild body named the 795:

It was common that a reputed manager could run several qianzhuang at the same time as long as the owners of these businesses consensually agreed upon this simultaneous arrangement.

777:

officially employed around and usually less than thirty people plus apprentices. While their earnings were audited every year their profits normally distributed only every 3 years.

307:

were local and functioned as commercial banks by conducting local money exchange, issuing cash notes, exchanging bills and notes, and discounting for the local business community.

6275: 3216:

can help explain why the Chinese tend to offer resistance to the deregulation of its monetary system. Despite the authorities of the People's Republic of China distrusting the

1272:

debts. This was also because if they would not pay these debts their "business credit" would also decrease as the shareholders bear unlimited liabilities for the debts of the

6036: 3895:

In traditional Chinese society it was customary for every profession in every Chinese city to have some sort of informal gathering place, generally these places tended to be

1220:

In the traditional Chinese banking industry, a system was implemented which was known as the "identity stock system". The "identity stock system" is a system based on profit

3797:

was the "Yinhang Zhoubao" (Banking Weekly), which was issued from May 1917 to March 1950 by the Shanghai's Banker Association, a company established in the year 1918. The

3536:(廢兩改元). During this time the Republican government cleared all banknotes denominated in the ancient tael currency, making all bills which used this currency unit obsolete. 2704:) owners were very much identified to the municipal government, as the local authorities were concerned for their political potential they might have viewed these "native" 613:

were located more in thoroughfares or more heavily crowded lanes, these locations tended to be more convenient for services such as money exchange and petty loans service.

806:

held an unlimited liability, but many of them evolved from sole-proprietorship to partnerships. This change in model could be explained by several events such as the 1926

408:

had a variety of regional names across China, these names differed from region to region and were sometimes included in the official name of the local company. The name

2338:

had made several large investments in rubber companies, at the time there was a general perception that these companies were very profitable. The shareholders of large

1840:

did not involve any chop loans and this activity was even more marginal on the balance sheets of the foreign banks conducting business in China; in fact, at times, the

4761: 3976:. Meanwhile, the third aspect of the traditional Chinese definition of "business credit" is somewhere between being both objective and subjective, as it refers to the 1828:

paints the relationship as foreign banks exploiting the native Chinese banks paving the way for foreign inroads into dominating the Chinese economy. In a 2005 article

740:

to supervise these managers to make sure that they always had the best interest of the shareholders in mind and could report anything to the shareholders at any time.

2996:

in order to keep off extortions, while many would rush into speculative endeavors which meant that they would now find themselves into even greater financial risks.

3402:

none... No one single unit of currency in the Chinese system, if it can be called that, serves the function for the country as a whole." This was reflected in the

2427:, the newly formed Chinese republic inherited its passé dynasty with fairly limited changes. Very little improvements came to the monetary market of Hankou and the 3186:

into an agricultural product transportation and trade business in September of the year 1952, from an ostensibly abysmal status with skyrocketing debts announced.

3633: 2973:

Nanjing government did not have the resources to enforce many of these measures as its position was gradually weakening in light of Communist advances during the

3072:

in a very antagonistic light, this was for a myriad of reasons strongly related to their Confucian nature. The leaders of the Chinese Communist Party viewed the

982:

Both Hankou guilds did not show any signs of competition but tended to have a sense of mutual support. During the Xinhai Revolution of 1911 the workplace of the

3608:. The Central Government of the Republic of China had enacted these currency reforms to limit currency issuance to three major government controlled banks: the 4460: 2210:(湖北官票) which was denominated in both silver taels and strings of copper-alloy cash coins. While the local government started restricting the public issuing of 3648:, and the government had taken many precautions to distribute these banknotes both gradually and fairly. In the first few months following the release of the 3288:

existed because at the time there were many different kinds of cash coins circulating in China including old Chinese cash coins from previous dynasties (古錢),

2669:

were the last to arrive but enjoyed the fastest growth, they gained the top position during the late 1930s and would remain the dominant clique of the Hankou

1920:

as they now could no longer get the loans they needed to do business from these bankrupted outlets. The chain effect led to a major financial downturn in the

6263: 3420: 2688:

who were rejected by other cliques. For this reason the Ben-Bang served exclusively as a balancing role. Officially the Ben-Bang had the highest number of

295:

can be traced to at least the mid-eighteenth century. In 1776, several of these banks in Shanghai organised themselves into the banking guild known as the

6014: 3879:

do prior to lending out money is a credit survey. In a credit survey an investigation is opened into, among others, the assets of the shareholders of the

1070:

could enroll into the guild-maintained night school, while the young relatives of these employees were allowed to go to the affiliated elementary school.

3123:

was crucial for the economy of Hankou following the devastating hyperinflation that affected mainland China during the aftermath of World War II and the

2775:(KMT) takeover of the Chinese government during the years 1926 and 1927, the Chinese money market crashed again, this crash severely affected the Hankou 4027:, because of the threat of the collective exile mechanism affecting a guarantor who would otherwise be unwilling to pay for the loan. Most importantly, 4054: 3035:

would later apply for a business clearance which were all approved at the cost of being subject to meticulous monitoring by the Communist authorities.

323:, who would then lend this money to Chinese merchants who used it to purchase goods from foreign firms. During the latter half of the 19th century the 6087: 1756:

of Shanghai in taking up real estate investment and stock exchange speculation expanding and diversifying their business scope. During the 1860s the

601:

usually would demand more capital and better reputation as they engaged in more and wider note-transactions and would issue larger credit-loans. The

6299: 3943:

to focus on several industries and they would establish business associations with multiple businesses. The Shanghai model meant that the Shanghai

3687:("Shanxi banks") or from foreign banks. The general trend forms the pattern that the large financial institutions become financial wholesalers and 3652:

banknotes, the Chinese government did this to wait to see whether the Chinese public would place their trust in the new, unified Chinese currency.

6029: 1022:

experienced another steady recovery from 1911 to 1926. According to records from the municipal archives of Hankou, it is revealed that the Hankou

842:

The creation of the "armpit partnership" model allowed for those who wished to avoid any attention by the authorities to join the very lucrative

1832:

debunked this narrative by illustrating that the foreign banks which did business in China did not take the majority of the profits made by the

366:

banks were being replaced by modern credit banks in China, particularly those residing in Shanghai. This would continue to happen well into the

4703:

Zhongguo Renmin Yinhang, Shanghai fenghang, Jinrong Yanjiu Suo (Institute of Financial Studies, Shanghai Branch, People's Bank of China), ed.,

1606:

and the Shanxi banks was one of cooperation and complementarity rather than of confrontational competition. A large bulk of the cash coins the

3872:, the Chinese people themselves had developed adequate commercial contacts depended on credit to fill the gap left by the Chinese government. 3398:

of these government-issued cash notes, a number which increased to three and a half times as much before they were finally abolished in 1859.

3150:

of Wuhan, most of which were located in former Hankou, into 3 bank unions, the banks were allowed to negotiate which union they would join. 7

6464: 5130: 2179:

financial institutions to take advantage of the situation and meant that they could thrive in the trading cities and ports in coastal China.

2065:

of Shanghai were a very successful story of the modernisation of the Chinese financial landscape, the tycoons who presided over the Shanghai

393:

are informal financial companies which are often operating just within the edges of what is legal. The government attitude towards these new

1573:

started making more short-term loans to cash strapped local governments, invested more into national funds, and started issuing shares. The

1200:

in China. Some of the efforts of this national Chinese guild include establishing a joint reserve for the issuance of new banknotes by both

4063: 3560: 3348: 3276: 3259: 3088:, reactionary against the Socialist revolution, and that they were very politically unreliable. The Communist Party hoped to transform the 2408: 148: 46: 57: 6454: 3624:. Chinese people were required by government mandate to hand in all of their current silver reserves in return for the newly introduced 3525: 3124: 184:) were local independent Chinese banks in the early modern period, as distinguished from the nation-wide bank networks headquartered in 3600:"), from November of the year 1935 to December 1936, the 3 officially sanctioned note-issuing banks issued the new paper currency, the 3339: 1014:

guild's collective acts. Before its full recuperation, the Xinhai Revolution of 1911 clouted again. But due to actions from the Hankou

6449: 6022: 5367: 4585: 4248:

being plausibly caused by its credit risk hidden in its uncollateralized loans, or a combination of various accidents over the years.

2942:

counted 57 members, but the latter would only include 27 members following a series of mergers. In the year 1946 the number of Hankou

2154: 3352: 2294:

had an initial "Yi" (, "joy") in their brand names, caused a large local market crisis. The miserable cause célèbre of the triple Yi

367: 6342: 4508:

province, in 1912 with the modern development of informal financial entities in the same region, particularly small loan companies (

2654:

would usually prefer to employ people from their own hometown and other merchants who had ancestral lineages from the same regions.

1749: 1721:(本錢, "principal capital") which ranged between 6000 and 10,000 taels of silver, and on average they issued hundreds of thousands of 128: 75: 1740:

many Chinese government officials and affluent landlords were forced to flee their lands as it was being occupied by the advancing

4609:

Foreign banks operating in China were referred to as either Yanghang (洋行) or Waishang Yinhang (外商銀行) by the indigenous population.

2342:

like the Zhengyuan Qianzhuang, Zhaokang Qianzhuang, and the Qianyu Qianzhuang had invested all the money they had in the Shanghai

670: 113:

Please help improve this article by looking for better, more reliable sources. Unreliable citations may be challenged and removed.

4567: 3585: 769:

would file for registration and pay their fees, or skip both of these steps entirely, employed a staff, and would join the local

5615:, 1981 (158 pp. illus.). Including Subsidiary Notes on “The Silver Dollars and Taels of China” Hong Kong, 1982 (40 pp. illus.). 3703:, and modernised commercial banks, these staff members were the financial marketers, exchange managers, and interbank managers. 1117:

were all members of a two guilds organised by them based on their location in the city. The guilds responsible for the Shanghai

6444: 3444:

forms that were circulating in the city of Shanghai, this happened through a rather elaborate daily mechanism which was dubbed

3334: 2993: 2347:

consequently the Shanghai financial market suffered because there wasn't enough cash to make loans. As a result, many Shanghai

2085:. While Shanghai played an important role, the agricultural trade of China was still heavily dependent on the more traditional 4362:

to assume unlimited risk liability, and when allowing new managers to enter the field it was looked on how ethical they were.

4150:

would maintain their small business and staff sizes. According to Yun Liu some modern scholars claim that the reason that the

2094:

of China" while maintaining intimate ties with Shanghai. The relationships between foreign banks in Shanghai and the Shanghai

4019: 2798:. In the city of Hankou modern banks had been rising steadily, but the relationship between these new players and the Hankou 2002:

banks were latecomers into the Chinese market, these banks were also a lot more ready to engage the domestic Chinese sector.

167: 4199:

decreased in a very short amount of time, during the Qing dynasty in the year 1881 the city of Hankou counted a total of 33

2102:

were largely analogous, but modern scholarly interests in the topic have largely focused on Shanghai. Like how the Shanghai

2817:

were officially recorded in Hankou, by this time the old clique system had been replaced by a new system to categorise the

2359:

because they had lost all of their savings in speculating in rubber stocks. By the end of the same year around 50 Shanghai

5860: 4224: 1026:

Guild tended to evolve with a series of business booms and busts in the local money market, meaning that it was flexible.

375: 4373:, user it to absorb enough savings, and then they would roll up the money escape to somewhere else to avoid persecution. 3452:

credit banks of Shanghai enjoyed special privileges over the smaller banks such as the right to both issue and to accept

358:

in China in the early 1890s. There were several financial crashes which occurred in China during which a large number of

107: 4452:

guild decreed that its members may not participate in the brokerage of the credit exchange or in the trading of stocks.

2692:

business, staff employed, and capital, but in reality the Ben-Bang did not have a home-court advantage among the Hankou

1352: 1689:

were, this might have been due to connections with the political circle. Less is known about the origins of the Hankou

6423: 6354: 6227: 4576: 4365:

These censorship standards proved to be rather effective, this was because in some small Chinese towns where no local

2226: 1332: 3935:

of each commercial group mainly only dealt with their own businesses exclusively in the city of Hankou. In the major

3204:

refer to informal finance companies which operate within the boundaries of illegality and legality. Like the earlier

3005: 1401:

would change money, operate deposits, make loans to traders, care for remittances, and in some cases issue their own

1255:

is usually highly indebted, and tend to have a capital-to-debt ratio of tens of times. For this reason the credit of

710:. These staff members all had their own apprentices subordinate to them. What rank each staff member had within each 102: 3472:

credit banks also operated deposits and issued various types of paper money such as the discountable notes known as

2732:

quasi-registered at the local authorities. Later in 1923 the local government had counted 152 officially registered

1979:

Around the year 1890 the larger Chinese banks in Shanghai had developed a form of clearance management known as the

5764: 5676: 4679: 3170: 1033:

guild gained a self-governing board that was professionally managed. As a part of the reforms affecting the Hankou

4684:"Shanxi Piaohao and Shanghai Qianzhuang: a comparison of the two main banking systems of nineteenth-century China" 4203:, while only 31 years later immediately following the proclamation of the Republic of China in 1912 the number of 3923:

in bigger cities would often specialise in a very specific group of commercial interests. For example, the Hankou

3628:, this was primarily done by the government in order to supply the silver that the Chinese government owed to the 1251:

loses money, especially when it is liquidated, all the debt and losses are borne by the shareholders. The typical

6459: 6366: 6126: 6059: 5536: 3235: 1697:

or the fact that the Qing government wasn't good at record keeping during this early era. The trade conducted by

5362:. Chinese Economic and Political Studies. Vol. V. Cambridge, Mass.: East Asian Research Center, Harvard U. 4589:

found that the charity-lending institutions in 15th century Italy still had an effect on the performance of the

6082: 3387: 2623:

of Hankou which was published in the year 1935 it confirmed that 1925 was an unprecedented year for the Hankou

2452: 2132: 1741: 1357: 1074: 6251: 4563:

The Institutional Legacy of the Ottoman Empire: Islamic Rule and Financial Development in South Eastern Europe

2015: 605:

formally established an initiation board for registration arrangements and other managerial issues. While the

3513:

this enabled the rise other highly specialised financial organisations precisely to that end, which were the

2922:

which was based on the hometown of the owners was replaced by a system where the cliques were based on which

1964:

started to fraudulently declare bankruptcy as a means to avoid paying out the promised interest rates on the

1589:

were originally created for the silver-specie exchange market. Because of this, the scope of business of the

1315:

the goals of debt recovery are draft scattered, and those debtors may indeed be no money), but depositors of

6311: 4303:

era it was customary for local governments to require to submit applications for the establishment of a new

4228: 3293: 3181:, which was originally a member of the second banking union, had declined merging into it. As this Zhe-Bang 3108:. But during the initial phase of the People's Republic of China the continued existence of the independent 827: 815: 3540: 2708:

as a threat to their political power and thus advertently depressed them into their non-dominant position.

2191: 6204: 6199: 6105: 5877: 5864: 5785: 4579:

resulted in a less developed financial and banking market today, and Luigi Pascali, who in his 2016 paper

4396:

gangs, where they would employ high interest rates for savings and they would lend at low interest rates.

3617: 3589: 2740: 2206:. Both the Wuchang and Hankou branches of the Hubei Guan-Qianju issued a series of banknotes known as the 2069:

exercised very little to no power in the vast Chinese hinterland and only dominated the banking sector of

1845: 93: 5531:

Wen Pin Wei. “The Currency Problem in China” Columbia Studies in the Social Sciences. Ed. Yalman, Ahmet.

4380:

guilds set the terms of deposit and loan, the most common provision is the agreement on deposit and loan

4104: 3889: 3312:

market, while another type of string was able to be used in both markets while not to pay for taxes. The

2391:

would continue to operate right up to the 1940s when the Japanese occupation disrupted their operations.

2162:

of 5 yuan issued by the De Sheng Yuan Money Shop displaying images of the obverse and reverse sides of a

1944:

business were quite willing to pay high interest rates for loans. In order to attract cash savings, some

1464:

was giving out loans in the Chinese hinterland to promote trade and the exchange of commodities with the

1133:(內園, "inner garden") which coordinated the south–north draft-exchange as a joint agency of both Shanghai 1121:

operated as two geographical bodies parallel to each other, the one for northern Shanghai was called the

909:

were not just considered to be "only doing a job", but they were also seen as "standing for the family".

6395: 6287: 4131:

their business models and practices, and despite being managed very similarly to each other, the Hankou

3621: 3613: 3564: 2144: 50:

that states a Knowledge (XXG) editor's personal feelings or presents an original argument about a topic.

5166: 2751: 1829: 1781:

to pay off their debts. This method of on-call credit from foreign banks were known as chop loans (彩票,

1561:

deposed of the Qing dynasty in 1911, the dominant financial and banking institutions in China were the

577:

division was loosely based on several factors such as their locations, trade sizes or scopes. The word

3068:

adopted a strategy of political compliance for their continued existence. The Communist Party saw the

2639: 1536:

owned by the same shareholders would often pay for the other's deposits if it had insufficient funds.

924:

is generally more than 10, this was even the case in an ordinary city, because of the large number of

879:

It is in fact because of this "pan-family" relationship network family-like personnel mechanism, that

463:(both of which could be translated as "money store"). Meanwhile, all terms were used in the cities of 6407: 5774:

Shanghai old-style banks (Ch'ien- Chuang), 1800–1925: a traditional institution in a changing society

5243: 4581:

Banks and Development: Jewish Communities in the Italian Renaissance and Current Economic Performance

4436:

guilds also set up barriers to protect the collective interests of its members from competition, the

4315:

guild naturally had amassed real power over the local financial markets of their areas of operation.

3762:

is developing and when the reserves kept by the bank is insufficient to meet their business demands.

3263: 2918:

During this survey a total number of 679 owners registered. It appeared as if the division of Hankou

2795: 2163: 2026: 1916:

going bankrupt, furthermore hundreds of other Chinese companies were also folding due to an economic

1393: 1292:

business world was, the stronger their banking power will be, and by extend the banking power of the

1196:

guild served as a loose coalition and would exist for 5 years before undergoing the same fate as all

1006:

during the early Chinese Republican period. During the financial chaos from 1907 to 1908, the Hankou

5586: 4549:

Similar effects of historical financial institutions and religious cultures have also been found in

3988:

Assessing the "business credit" of the shareholders was the most important form of risk control the

3552: 2661:

would be taken by the Zhe-Bang (Shao-Bang), this clique was also the largest clique of the Shanghai

2207: 1728:

The economic centre of gravity of the Qing dynasty began to shift during the 1850s from the port of

1666:

to Shanghai as a method to finance their businesses back home. By the year 1776, under the reign of

1615:

involved primarily with the necessity of silver-specie exchange, and thus the market demand created

6121: 5777: 4421:, and this would ultimately bring significant risks to the entire financial industry. Due to these 3465: 3272: 3255: 1921: 1761: 1476: 1389: 1236: 888:

in their "pan-family" relationship network, then they would mostly be selected from the three year

807: 362:

closed, the largest of these occurred in the years 1883, 1910, and 1911. By and by the traditional

5669:

Banking in modern China: entrepreneurs, professional managers and the development of Chinese banks

4657:

The issuance of the "Qianye Yuebao" was briefly halted due to the Japanese occupation of Shanghai.

4244:

would often serve as their liaisons to the "locals", this might explain the failure of the Hankou

3915:

the position of street runner was often regarded as their most important function. For small town

2003: 1825: 327:

worked as intermediaries between Chinese merchants and foreign banks. Unlike the Shanxi banks the

6378: 5868: 5810: 5503: 5377: 5136: 3671:

and tended to be mainly centered in large first-tier cities and major trading ports, first-class

3239: 3226:

in how both the policymakers of the People's Republic of China and its business sector treat the

3053: 2022: 1465: 1094: 979:

were practiced to evince ancestral respects, something highly valued by the Confucian community.

897:, these included things such as recruiting apprentices, introducing relatives and friends to the 635:, as the distinction between them is seen more like a franchise strategy that was applied by the 3695:

place three positions of the "Eight Butlers" to do the job of creating relationships with other

3209: 3127:. The financial authority of Wuhan introduced more regulations and policies affecting the local 2219: 627:

by many scholars who study the economic history of China. But some scholars instead combine the

5502:

Frank H. H. King - "Money and Monetary Policy in China 1845-1895". Published: 1965. Publisher:

3528:

abolished the ancient silver-based currency unit, the tael and completely replaced it with the

2282:

Between the years 1907 and 1908 there was an abrupt debacle caused by the three largest Hankou

986:

was completely burnt to ground, but it could still have its regular function maintained in the

5616: 5363: 5218: 5196: 5126: 4755: 4497: 4485: 4469: 4400: 3710:

tended to be located in smaller cities and towns and had the habit of borrowing both cash and

3481: 3431:. This makes it plausible that chop loans originated because of the widely used prevalence of 2974: 2384: 1737: 1558: 1209: 1059: 819: 332: 311:

maintained close relationships with Chinese merchants, and grew with the expansion of China's

5193:

Across Asia on a Bicycle - The Journey of Two American Students from Constantinople to Peking

4828: 4440:

guilds set up internal competition rules and uniform business ethics which all of its member

4384:, these provisions can greatly prevent any form of vicious competition in areas with a local 3169:

In August of the year 1951 all of these banking unions were merged into a new bank named the

2254:

In the year 1908 a report by the local administration of Hankou noted that only a handful of

2251:

itself. However, his order did not perform well and didn't solve any of the reported issues.

1554:

There were 106 financial institutions founded in the last quarter of the eighteenth century.

6328: 6008: 5993: 5982: 5971: 5932: 5905: 5849: 5802: 5744: 5704: 5118: 4590: 4558: 4542: 4269: 3860:

still checked all the details of their business operations mainly by checking their credit.

3269: 3101: 3044: 2827:

Social groups of the owners with a percentage of the total capital of all registered Hankou

2456: 2416: 2011: 2007: 1667: 987: 902: 636: 542:. Separate terms existed for the smaller native Shanghainese financial institutions such as 539: 237: 2334:

business was dealt a heavy blow when in 1910 the rubber crisis happened. A large number of

1304:, it was customary for the shareholders to pay these off immediately. In the event if of a 1073:

Between the years 1938 and 1945 the city of Hankou was occupied by the Japanese during the

6191: 5590: 5389: 5114: 4477: 4448:

guilds also set up "moral rules" which members had to comply to, for example the Shanghai

3869: 3637: 3605: 3529: 3297: 3105: 2724: 2038: 1999: 1995: 1806: 1540: 1500: 1361: 1201: 185: 5735:

Kang Guohong (康國宏) (1997). "Qianzhuang (錢莊)", in Men Kui (門巋), Zhang Yanjin (張燕瑾) (ed.),

3908:

who shall then make a decision whether or not they should give the client a credit loan.

1674:

owners had established an association in the Yuyuan Garden, with 106 affiliated members.

175: 5464: 1376:. These early private banks would be operate either as a single proprietorship known as 943:

guilds were established sometime before or in the year 1894 as mediators for the Hankou

6361: 6318: 6270: 6258: 6239: 6222: 5208:

Wang Yü-Ch’üan, Early Chinese coinage, The American numismatic society, New York, 1951.

4836: 4501: 4465: 4422: 4128: 3977: 3919:

their involvement in the social spheres of the local business networks, comparably the

2946:

would rise to 110, and a year later, in 1947, this number had risen to as much as 180.

2078: 2074: 2019: 1795: 1768:(拆款, "interbank loans") to them. These loans were necessary as monetary volume of most 1532:

often own many firms, their deposits in one firm are often variable. And the different

1509: 1186: 449: 425: 412:

was typically used for banks and bank-like institutions in the region around the lower

386: 156: 5246:(1921) Uitgegever: Guttag Bros. Numismatics New York, U.S.A. Accessed: 3 October 2017. 4412:

would often engage in much more riskier behaviours and methods to make money. The new

4235:

remained in all of Hankou. In his paper, Yun Liu concluded that the reason why Hankou

2170:

and other historical Chinese banknotes displayed the promised value of the note on it.

905:

from other regions, etc. Through this "pan-family" personnel system, the bankers of a

6438: 6337: 6306: 6282: 5672: 5532: 5140: 5040: 4739: 4683: 4550: 4381: 4335: 4119:

expanded their businesses at the same time. During their history, neither the Hankou

3864: 3798: 3629: 3609: 3395: 2680:

with native others, many "Ben-Bang" also had owners from provinces (outlanders) like

2183: 2148: 2136: 2123: 2082: 2070: 1917: 1442: 849: 312: 5753:

The salt merchants of Tianjin: state-making and civil society in late Imperial China

4326:

guild and meant that those that didn't were often doomed to always being very small

4264:

market, this was done to prevent vicious competition from new players. The Shanghai

3222: 1972:

being rendered without value, this event would cause many Chinese people to see the

1824:

and foreign banking companies historically propagated by Chinese historians such as

686:

was based on a system known as the "Eight Butlers structure", in this structure the

585:

could be translated as "store-front". The nominal requirement for registration of a

534:(入園錢莊), these banks were members of the head office of the monetary business or the 6150: 6074: 6047: 5122: 4644:

This clique was also commonly known as "Shao-Bang", as the owners mostly came from

4537: 4388:

guild, but places without any guild would experience severe competition among both

4338:, easy access to bank deposits and funds, as well as easy access to new customers. 4300: 3597: 3039: 2927: 2399: 2343: 1853: 1473: 1445: 1373: 1078: 1063: 968: 703: 340: 276: 265: 261: 3238:, 11 years after its creation the Wuhan Urban Commercial Bank was renamed to the " 4724:

Tang Chuanshi and Huang Hanmin, "Shilun 1927 nian yiqian de Zhongguo yinhangye",

2981:

were fortunate to receive government licenses, this process meant that 48 Hankou

2274:

to make loans which were worth several times the size of their actual capital. A

1813:

to withdraw their savings, in Shanghai alone this run on the banks had caused 10

639:, this strategy was similar to that by merchants from other Chinese regions like 6349: 5837: 3961: 3936: 3835:

is so heavily invested in the credit system, which is very risky in nature, the

3305: 3093: 3085: 3077: 2964:

in metropolitan areas all over China. This action had a negative impact on many

2783:

remained in business in all of Hankou. However, within a single year the Hankou

2760: 2176: 1602:

interest-bearing accounts, this meant that the general relationship between the

1562: 1487: 1106: 736: 722:

with low funds was more dependent on their interbank manager lending money, but

616: 515: 189: 5793:

McLean, D. (1976). "Finance and 'informal empire' before the first world war".

4403:

situation of the Chinese financial industry did not allow the number of member

4260:

guild to set up certain qualifications as prerequisites for entering the local

2311:

would halt issuing Zhiqian (制錢, "Standard cash coins") permanently. The Hankou

1085:

guild managed to continue operating despite the foreign occupation. Many local

6177: 5223:

Gary Ashkenazy / גארי אשכנזי (Primal Trek – a journey through Chinese culture)

5171:

Gary Ashkenazy / גארי אשכנזי (Primal Trek – a journey through Chinese culture)

5106: 3577: 3491:

When the chop loan mechanism collapsed this severely affected the standing of

3328: 3289: 2787:

would experience a swift recovery, during this short time frame the number of

2772: 2419:

of 1911 occurred right next to Hankou, but despite China transitioning from a

2380:

went bankrupt, and speculating in the stock market was outlawed for managers.

1125:(北會館, "Northern guild hall") and the one for southern Shanghai was called the 1089:

chose to collaborate with the Japanese during the occupation, dozens of these

811: 691: 347:

business model is a concentrated expression of the localisation advantages of

2122:

reason why foreign banks were enabled to recoup profits from the issuance of

5740: 5612: 5109:(28 September 2018). "The Monetary System of China under the Qing Dynasty". 4307:

to them, but the function of examination was being handed over to the local

4272:

and had barriers designed to prevent new players from entering the Shanghai

3739: 3645: 2960:

In the year 1947, the Nanjing government had commenced closing down illegal

2891: 1904: 1848:) would even lend money back to foreign banks which requested this on call. 1760:

of Shanghai started looking to the foreign banking companies as a source of

1733: 1729: 1693:

which could be either due to the immense number of aliases used to describe

1166: 557:

were divided into two major groups: one of these groups included the larger

472: 445: 5465:"Overview of Wuhan City (Overview of Urban History, Humanities and Nature)" 4738:

China Travel Guide, Culture and History, Facts about China. (13 May 2014).

4527:

In counties where there was a large native financial sector denominated by

3064:

were severely influenced by the political changes that affected them, many

1960:. This situation would face a quick downturn when in the year 1894 several 1516:

were the main financial institutions serving as intermediaries between the

1189:

which had struck China during the 1940s following the end of World War II.

5620: 5498: 5496: 5494: 5492: 5490: 5488: 5486: 5484: 5482: 3852:

and commonly moved capital between them making the auditing of individual

3750:

have an important task is to establish long-term human relations with big

3142:

By the end of the year 1950 the Wuhan financial authority would place all

714:

was very dependent on the needs and business strategy of every individual

6169: 5967: 5947: 5928: 5901: 5882: 5845: 5830: 5781: 5756: 5641: 5587:"China's 1935 Currency Reform: A Nascent Success Cut Short By Noah Elbot" 5041:"A City of Commerce and its Native Banks: Hankou Qianzhuang (1800s-1952)" 4712: 4645: 4632: 4628: 4505: 4032: 3957: 3896: 3793: 3723: 3415: 3246:

in the local collective memories echoing Hankou as the city of commerce.

3100:

were likely an obstacle in the eyes of those who wished to transform the

2764: 2598: 2433: 2424: 2420: 1745: 1655: 1453: 1305: 1221: 1150: 1110: 707: 652: 519: 437: 288: 280: 5923:

Yao Enquan (姚恩權) (1993). "Qianzhuang (錢莊)", in Shi Quanchang (石泉長), ed.

4135:

would struggle following the fall of the Qing dynasty, while the Hankou

3504:

in Mandarin Chinese. Compradors would personally guarantee the value of

2953:

guild invited the guilds from 8 major Chinese cities to form a national

2634:

The first mention of the four clique division being used for the Hankou

1581:("Shanxi banks") were created out of different circumstances, while the 1208:, however, this proposal never came to fruition due to the chaos of the 619:

were another form of private banks in China which were locally known as

315:. When Western banks first entered China, they issued "chop loans" (彩票, 6390: 6140: 6004: 5963: 5814: 5719: 5700: 4192: 4164: 3939:

of Shanghai it was customary for the street runner of every individual

3743: 3727: 3301: 3280:

preferences rather than being random in any form. In the larger cities

3096:

instead of the bourgeoisie. In reality, the political ambiguity of the

2794:

On November 3, 1935, the Chinese Nationalist government had issued the

2716: 2685: 2575: 2356: 2287: 2199: 2140: 2091: 2034: 1857: 1710: 1544: 1426: 1174: 1170: 1158: 928:

in China, there was usually exists guild within the scope of the city.

823: 695: 644: 476: 433: 429: 413: 343:

and commercial households. The control of deposit and loan risk in the

3440:, since only the guilds operated by them could clear the large number 2073:, during the era the city of Tianjin ruled over the banking sector of 1311:

When reversal of debt would occur, the debts could not be repaid (for

17: 6373: 6294: 6246: 5891:

The Risk Control of Qianzhuang. International Business and Management

5760: 5519: 4369:

guild had been established there were sometimes fraudsters who ran a

4168: 3823: 3778: 3372: 2700:. One of the reasons why this might be is because the more "native" ( 1678: 1659: 1517: 1480: 1162: 1154: 937: 773:

guild then they were ready for operating their business. The average

699: 648: 468: 464: 284: 5806: 4778:

M.E. Sharpe, Armonk. Chapter 9. Socialist Transformation, 1949-1952.

4142:

When modern banks started entering the Hankou scene both the Hankou

3414:

banknotes were a common method of payment in the credit business of

3284:

would make specific strings of cash coins for specific markets. The

3020:, and heavily penalising those in the business of making forgeries. 2821:

based on their ownership, a diverse number of identities were used:

2044:

There were large disparities between the structures of both Chinese

1956:

would even offer a staggering number of 50% interest rates on their

871:

employed a special type of personnel selection and hiring system. A

3390:(大清寶鈔) cash notes were suffering from inflation privately produced 702:

staff, exchange managers, financial marketers, interbank managers,

6402: 6234: 4627:

This clique was further divided into two sub-groups: one from the

4572: 4554: 4459: 4053: 3735: 3683:

tended to borrow money from larger financial institutions such as

3364: 3338: 3060:

of China would maintain their strong traditional identity, but as

3013: 2938:

in Hankou had 31 affiliated members, while the clique of post-war

2750: 2681: 2552: 2529: 2398: 2320: 2187: 2153: 2107: 1941: 1585:

were created out of a necessity for long-distance remittance, the

1483: 1402: 1341: 951:

made the scene overcrowded. In Hankou two separate guilds for the

831: 669: 441: 140: 3351:(in Jingqian) issued by the Shun Xing He private bank during the 2715:. In the year 1919 the city of Hankou filed a registry census to 2451:

were divided into four cliques which were based on their owner's

2371:

and introduced new regulations to make sure that the managere of

1392:, these local banks were often sparsely aligned along family and 802:

of Hankou shifted their structures of ownership, nominally these

6323: 3931:

and these did not compete with each other, this was because the

3826:

loans, this has been the primary form of loans conducted by the

3731: 3556: 3457: 3309: 3131:. The new Wuhan financial authority placed all banks, including 2806:

guild encouraged collaboration between the modern banks and the

2748:

and might have been a cause for the merger of the four cliques.

2646:

were counted by the Japanese Consul-General in Hankou. Like the

2513: 2030: 1912:. The default on these loans resulted in most of these Shanghai 1773: 640: 6018: 4341:

In some small towns across China, there were actually very few

4207:

only counted 5. However, in the year 1923 the number of Hankou

3636:

were careful to do a controlled release of about 2,000,000,000

3212:

or fronts for money-laundering operations. The re-emergence of

2472:

The "Bang" of Hankou during the early Republican era included:

2351:

started issuing loans using rubber company stocks as security.

623:(票號, "draft banks"). The Shanxi banks are often separated from 339:

have always been a true financial service provider for Chinese

5695:

Huang Da (黃達), Liu Hongru (劉鴻儒), Zhang Xiao (張肖), ed. (1990).

3200:

would experience a revival in mainland China, in this context

3012:

had remained in the city. Following the Communist takeover of

2238:, in the year 1899 after reading a report that there were 103 1512:

was very much focused on the imperial Chinese government. The

1499:

would often search for older and rarer coins to sell these to

87: 29: 5269: 5267: 5254: 5252: 4219:. Only two years later, in 1933, the number of active Hankou 1776:

of silver or less. By the year 1888 sixty two of the largest

1460:(錢業公所, "money industry office"). The primary business of the 1433:(銀號會館, "bankers' guild hall"), this bank had a shrine called 798:

Between the years of 1926 and 1927 a large percentage of the

335:

because of their close relationships with foreign banks. The

4035:

in any form, are rarely maliciously backed meaning that the

2411:

issued by the Gong Xian Fu during the Republic of China era.

1809:

between 1883 and 1885 had many Chinese people to run on the

397:

isn't that much different from their attitude in the 1950s.

5191:

Thomas Gaskell Allen & William Lewis Sachtleben (1895)

4822: 4820: 4818: 4816: 4814: 4812: 4810: 4808: 4806: 4804: 975:

handled all mundane issues. These rituals performed by the

655:

province, the claiming initiator and dominator of Shanghai

47:

personal reflection, personal essay, or argumentative essay

4802: 4800: 4798: 4796: 4794: 4792: 4790: 4788: 4786: 4784: 4618:

The word "Ben" could be translated as "locals" or "local".

1280:, there had first be a considerable amount of deposits in 5970:: Zhongguo da baike quanshu chubanshe), Vol. 2, 775. (in 5034: 5032: 5030: 5028: 5026: 5024: 5022: 5020: 5018: 5016: 5014: 5012: 5010: 5008: 5006: 5004: 5002: 5000: 4998: 4996: 4994: 4992: 4990: 4988: 4986: 4984: 4982: 4980: 4978: 4976: 4974: 4972: 4970: 4968: 4966: 4964: 4962: 4960: 4958: 4956: 4954: 4952: 4950: 4948: 4946: 4944: 4942: 4940: 4938: 4936: 4934: 4932: 4930: 4928: 4926: 4924: 4922: 4920: 4918: 4916: 4914: 4912: 4910: 4908: 4906: 4904: 4902: 4900: 4898: 4896: 4894: 4892: 4890: 4888: 4886: 4884: 4882: 4880: 4878: 4876: 4874: 597:

already had their business or businesses registered. The

374:

banks were nationalised in 1952 by the government of the

5642:"The Long-term Persistence of Informal Finance in China" 4872: 4870: 4868: 4866: 4864: 4862: 4860: 4858: 4856: 4854: 3888:

The job of a street runner is very similar to that of a

3476:(貼現), furthermore they also issued their own banknotes ( 2711:

In 1918 a local police report in Hankou had counted 329

1928:

in Shanghai but by 1883, the year of the crash, only 20

1924:. In the year 1876 there were a total of 105 registered 1228:

is profitable, the manager can then share the dividend.

857:

to make more business allies under political gauntlets.

5686:

Chūgokutsūshōginkō no setsuritsu to Honkon Shanhaiginkō

4318:

These restrictions made it quite difficult for any new

3125:

retreat of the Nationalist Chinese government to Taiwan

1987:

the banks of Shanghai would meet in the afternoon in a

1820:

The main narrative around the relationship between the

1647:

modernised model adopted during the late 19th century.

1543:

a central banking institute was founded in the city of

1287:

The way the system was set up was that the credit of a

834:

by the communists. These events all lead to the Hankou

818:, the Kuomintang occupation of Hankou in 1927, and the 581:

verbatim means "name-brand" in English, while the word

53: 5463:

SPONSOP PROMOTION CENTER WUHAN CITY OF DESIGN (2019).

3848:

is because the same shareholders often owned multiple

2638:

was in 1911 by the Japanese Consul-General in Hankou,

2387:

meant the end of the Shanxi banks in 1911, Shanghai's

1968:. This led to a total of 2,000,000 taels of silver in 1456:

was founded seven decades later in 1736 was named the

1066:

for the staff. The employees of the affiliated Hankou

196:). Also known by a variety of regional names, such as 5848:: Qunlian chubanshe), pp. 580–581, 597–605. (in 4311:

guild. With the support of the local government, the

3119:

steadily experienced a recovery, the recovery of the

3042:

reforms, but while many of the reforms affecting the

3031:

were approved with 3 of them being rejected, these 3

3027:

in Hankou applied to be officially registered and 18

1593:

was very dissimilar to that of the Shanxi banks, the

864:

could have is by lending only to trustworthy people.

483:

were referred to by a long list of aliases including

6276:

Chartered Mercantile Bank of India, London and China

5875:

Wagel, S.S. (1915). "Chinese currency and banking".

5640:

Jinyan Hu; Chicheng Ma; Bo Zhang (24 January 2018).

3785:

Contemporary reporting on and record keeping of the

3718:

such as those in Shanghai. Examples of second-class

3563:

for copper-alloy cash coins. The Hubei Guanpiao had

1952:

at high interest rates ranging from 2% to 20%. Some

1896:

banks operated exclusively as cash coin-changers or

1884:

banks operated as assayers and as money-changers or

1725:(匯票, "remittance notes") banknotes for circulation. 1010:

managed to restore themselves because of the Hankou

6213: 6190: 6168: 6159: 6139: 6114: 6098: 6073: 6066: 5999:Zhao Yulin (趙玉林), Wang Huazhong (王化中), ed. (1990). 4078:to accept each other's banknotes and in some areas 3551:issued their own banknotes which were known as the 2631:increased from 136, since the last survey, to 180. 2225:Zhang Zhidong may have opened a new chapter of the 1983:(公單制度) which occurred on a daily basis, during the 1441:was first mentioned in 1667 under the reign of the 272:tended to have much more risky business practices. 5611:Chang, H.: The Silver Dollars and Taels of China. 5360:Late Ch'ing finance: Hu Kuang-yung as an innovator 4211:would increase to 9. In 1931 the number of Hankou 2934:was established afterwards. The clique of pre-war 1185:guild was as a defense against the uncontrollable 730:The most important and powerful staff member of a 5988:Zhang Guohui (張國輝) (1988). "Qianzhuang (錢莊)", in 5954:Zhang Guohui (張國輝) (1992). "Qianzhuang (錢莊)", in 2327:completely collapsed at Hankou in the year 1911. 2315:with owners from Jiangxi lost their top place to 1705:(銀錢). Between the years 1841 and 1850 the Hankou 1486:and foreign coins and vice versa as China used a 1247:was declared bankrupt and was liquidated. When a 1216:Role and liability of shareholders and high risks 2719:, in the report the city counted there to be 69 2098:and the foreign banks in Hankou with the Hankou 1002:, and its duties, was gradually merged into the 5635: 5633: 5631: 5629: 4520:), pawnshops, and (illegal) underground banks ( 3464:(錢票, "cash notes") denominated in copper-alloy 3154:would form the first banking union, 5 Zhe-Bang 3023:During this period the archives stated that 21 2723:which had an average capital ranging from 6000 2676:While the term "Ben-Bang" was used to describe 1654:were initially created by businessmen from the 1051:also severely affected many of its readership. 792:and their status within the company hierarchy. 4268:guild was established during the reign of the 3843:model. Despite not checking any accounts, the 3773:") tend to borrow money from the second-class 920:In traditional Chinese society, the number of 354:It is estimated that there were around 10,000 6030: 5992:(中國大百科全書), Jingjixue (經濟學), Vol. 2, 729. (in 5703:: Jingji guanli chubanshe), Vol. 1, 228. (in 5438: 5297: 5111:Handbook of the History of Money and Currency 5101: 5099: 5097: 5095: 5093: 5091: 5089: 5087: 5085: 5083: 5081: 5079: 5077: 4512:), rotating savings and credit associations ( 4322:to make it without first joining their local 4195:, right next to Hankou, the number of Hankou 3746:. The managers and street runners of smaller 3644:banknotes, this was done in order to prevent 3427:as a security for the loans they gave out to 2363:, half of the officially registered Shanghai 2298:had to be settled via collective acts of all 2006:showed how foreign banks such as the French ( 1388:tended to be small proprietorships which had 955:coexisted simultaneously, one was called the 151:, which was a typical service offered by the 8: 6264:Chartered Bank of India, Australia and China 5426: 5402: 5285: 5273: 5244:Guttag's Foreign Currency and Exchange Guide 5075: 5073: 5071: 5069: 5067: 5065: 5063: 5061: 5059: 5057: 4760:: CS1 maint: multiple names: authors list ( 4039:face very little risks in giving out loans. 3927:had several different groups of specialised 3856:an inefficient method. Despite all of this, 3555:(湖北官票), these banknotes were denominated in 3423:banks operating in China would often accept 2650:(Shanxi banks) of Hankou, the owners of the 2054:extraterritoriality which, unlike the local 1149:guild invited the guilds from the cities of 876:called a "pan-family" relationship network. 5414: 5321: 4707:(上海钱庄史料: "Historical Materials of Shanghai 4425:risks, for the entire Chinese economy, the 3952:for dealing with local Chinese businesses. 3456:(銀票, "silver notes") denominated in silver 3008:entered Hankou in early 1949 a total of 36 1380:(獨資) or as a joint proprietorship known as 565:, and the other group included the smaller 6165: 6070: 6037: 6023: 6015: 5560: 5518:by Jane Kate Leonard and Ulrich Theobald, 4070:in the year 1928. It was not uncommon for 1836:and that most of the activity done by the 1785:). This newfound relationship between the 682:The basic organisational structure of the 5548: 5345: 5333: 5309: 5258: 5153: 4429:had established many barriers for entry. 3802:press, gazetteers, memoirs, and surveys. 2791:operating in Hankou would return to 140. 2696:like the Zhe-Bang had among the Shanghai 971:rituals and ritualistic events while the 401:Regional names for private banks in China 275:These institutions first appeared in the 129:Learn how and when to remove this message 76:Learn how and when to remove this message 5979:Wan Qing qian zhuang he piao hao yan jiu 5743:: Guoji wenhua chuban gongsi), 102. (in 4488:issued an article comparing the data on 4223:had been reduced to 2, by 1949 when the 3567:affixed on them as endorsements, as the 3177:). Not all banks joined as one Zhe-Bang 3038:The Communists started introducing many 2823: 2474: 2182:In the summer of 1896, under request of 2143:for the dynastic decline leading to the 1662:. Many of these businessmen moved their 1622:Through the financial exchanges between 1520:and the Chinese for financial purposes. 1239:they were fully liable for any debt the 593:(保人), as the newcomer's sureties, these 6122:Chekiang Provincial and Industrial Bank 6007:: Zhongguo jingji chubanshe), 702. (in 4726:Zhongguo jindai jingjishi yanjiu ziliao 4670: 4602: 4417:financial industry by both new and old 3722:would be in second-tier places such as 3162:formed the second banking union, and 5 2977:. In the entire city of Hankou only 60 2166:(光緒元寶) silver coin, traditionally many 1744:, many of these refugees would flee to 1077:(which would later become a theatre of 589:was to submit the signatures of 2 to 5 514:The larger native Chinese banks in the 180: 5931:: Liaoning renmin chubanshe), 86. (in 5450: 5385: 5375: 4753: 3056:. During this transitional period the 1658:Province, especially from the city of 1276:. When shareholders would invest in a 6300:Comptoir national d'escompte de Paris 5572: 4776:A history of modern Shanghai banking. 4215:was at 150 compared to only 7 Hankou 3394:cash notes were valued at double the 2440:By February of the year 1912 only 24 1844:(and other Chinese banks such as the 1736:to Shanghai. During the chaos of the 1709:were dominated by merchants from the 1264:was declared bankrupt those that the 963:(錢業公所, "money industry office"). The 762:enterprises to withstand more risks. 674:The "Eight Butlers" structure of the 7: 5729:A history of modern Shanghai banking 4827:Ulrich Theobald (24 November 2015). 4557:. As their work coincides with both 4031:credit loans, although they are not 3308:while it would not be accepted at a 3260:String of cash coins (currency unit) 1701:in Hankou is locally referred to as 1413:(銀錢票, "silver money notes"). Larger 3777:and they were found in places like 3590:government of the Republic of China 3526:government of the Republic of China 1976:as disreputable and untrustworthy. 1935:It took well over a decade for the 1472:engaged in the business exchanging 1296:. This was also why the debts of a 1093:were facing jeopardy following the 1046:which were its members. The Hankou 959:(錢業公匯) and the other was named the 609:opened mostly in quiet alleys, the 5859:(translated by Edward H. Kaplan). 4586:Review of Economics and Statistics 3818:The most common loans lend out by 3805:Other contemporary reports on the 2478:Cliques (or "Bang") of the Hankou 2444:remained in business in Shanghai. 2037:tide over their losses due to the 1503:at a higher price. Remittances by 553:In the local archives, the Hankou 25: 6343:International Banking Corporation 5878:North China Daily News and Herald 5684:Hamashita Takeshi (濱下武志) (1980). 4330:. Additionally, the members of a 3632:. The Chinese government and the 3604:was completely detached from the 3547:), a provincial government-owned 2999: 2453:native place or county of origins 1932:had survived in all of Shanghai. 1058:guild fully funded an affiliated 569:of Hankou and was referred to as 260:banks first sprung up during the 27:Historical private banks in China 6401: 6389: 6372: 6360: 6348: 6336: 6317: 6305: 6293: 6281: 6269: 6257: 6245: 6233: 6221: 6046: 5941:Gudai Zhongguo jingji sixiangshi 5904:: Shangwu yinshuguan, 1934. (in 4682:) and Fan Yang (February 2016). 4568:Journal of Comparative Economics 4285:wasn't a member of the Shanghai 3166:formed the third banking union. 3115:During the year 1950 the Hankou 2985:were officially ruled to close. 2106:were bound to the laws of their 2029:were pivotal in helping Chinese 1772:banks usually was around 70,000 264:but greatly expanded during the 92: 34: 5167:"Cycling Across Imperial China" 4256:It was customary for the local 3691:becomes a retailer. Shanghai's 3335:Paper money of the Qing dynasty 2673:until their abolition in 1952. 2186:, the provincial government of 2114:had a similar system in place. 1798:notes. Compared to the diffuse 1319:were hardly likely to push the 268:. Unlike the Shanxi banks, the 5784:: Center for Chinese Studies, 5697:Zhongguo jinrong baike quanshu 5123:10.1007/978-981-10-0622-7_54-1 4231:was established only a single 4099:succeeded in Hankou while the 4086:used the same clearing-houses. 4066:issued by the Zhang Qing Long 1750:Shanghai's foreign concessions 1495:. During the Qing dynasty the 1145:In the year 1947 the Shanghai 171: 1: 5861:Western Washington University 4711:"), 1961, Shanghai (reprint, 4591:modern Italian banking sector 4095:In an attempt to see why the 3410:During the late 19th century 3171:United Commerce Bank of Wuhan 3076:as being a part of the hated 2988:In order to stay afloat many 1717:from this era had an average 1029:In the year 1929, the Hankou 546:(非匯劃莊 "non-credit banks") or 6465:Banks disestablished in 1952 5914:Qingdai huobi jinrong shigao 5711:Huang Jianhui (黃鑒暉) (1994). 5199:. Retrieved: 18 August 2019. 4705:Shanghai qianzhuang shi liao 3448:(非匯, "draft exchange"). The 3371:(莊票) and (if denominated in 2744:political map of the Hankou 2385:collapse of the Qing dynasty 2117:The disparities between the 1903:In the year 1883 the tycoon 1372:were established during the 424:were more typically used in 6424:History of banking in China 6355:Netherlands Trading Society 6228:Asiatic Banking Corporation 6060:Banking in the Qing dynasty 5912:Yang Duanliu (楊端六) (1962). 5857:A monetary history of China 5833:: Shanghai renminchubanshe. 5453:, p. 292–293, 300–304. 4631:region, and the other from 4577:prohibited interest-lending 4357:The most direct procedures 4103:(or "Shanxi banks") failed 4020:interests of the collective 3967:The risk controls that the 3868:credit loan in the form of 3236:Wuhan Urban Commercial Bank 2657:The top position of Hankou 1860:, these 4 classes were the 1856:classic literary text, the 1685:were prosperous before the 1437:(正已祠) in its building, the 1333:History of banking in China 1177:to form a national Chinese 967:concerned itself only with 6481: 6455:Financial history of China 5939:Ye Shichang (葉世昌) (2003). 5822:Pan Liangui (潘連貴) (2004). 5765:University of Hawaii Press 5722:: Shanxi jingji chubanshe. 5677:Cambridge University Press 4680:University of Saskatchewan 4571:found that the historical 4225:People's Republic of China 4139:would continue to strive. 3532:in a process known as the 3488:(匯票, "remittance notes"). 3332: 3326: 3253: 3196:During the 1990s the term 3175:Wuhan United Commerce Bank 3000:People's Republic of China 2779:, by the year 1927 only 5 2727:to 35000 yuan. The Hankou 1330: 1284:made by the shareholders. 990:, which was loaned by the 765:As long as the owner of a 753:plenty of flexibly so the 428:especially in cities like 376:People's Republic of China 6450:Economic history of China 6416: 6367:Oriental Bank Corporation 6127:Kwangtung Provincial Bank 6057: 6052:Banks of the Qing dynasty 5990:Zhongguo da baike quanshu 5956:Zhongguo da baike quanshu 5855:Peng Xinwei (彭信威) (1994) 5737:Zhonghua guocui da cidian 5537:Columbia University Press 5358:Stanley, C. John (1961). 4476:and later evolved into a 4277:lending market, from new 3875:The most important thing 3054:radical Socialist changes 2826: 2813:By the year 1945 only 88 2802:was amicable. The Hankou 2619:In another survey of the 2477: 2227:monetary history of China 1358:Lake Tai ancestral temple 1231:As the shareholders of a 6083:Ta-Ching Government Bank 5950:: Fudan daxue chubanshe. 5943: 5916: 5826: 5772:McElderry, A.L. (1976). 5715: 5688: 5589:. Duke East Asia Nexus ( 4561:, who in her 2011 paper 4281:in Shanghai. If the new 4159:who, in a report to his 3388:Great Qing Treasure Note 3104:into a state-controlled 3102:mainland Chinese economy 3006:People's Liberation Army 2994:double-entry bookkeeping 2270:It was not uncommon for 2133:Great Qing Treasure Note 1742:Taiping Heavenly Kingdom 1466:coastal regions of China 1075:Second Sino-Japanese War 333:fall of the Qing dynasty 6312:Deutsch-Asiatische Bank 5795:Economic History Review 5522:: Brill, 2015, 343-395. 5039:Yun Liu (August 2013). 4229:Chinese Communist Party 3353:early Republic of China 3250:Stringing of cash coins 3146:and the sole remaining 3084:were anti-progressive, 2736:in the city of Hankou. 2519:Average capital in 1925 2510:Average capital in 1921 2455:, these social ties in 1539:Under the reign of the 1425:banking institution of 853:), enticing the Hankou 828:Autumn Harvest Uprising 526:(匯劃莊, "credit banks"), 511:in the local archives. 101:Some of this article's 6445:Defunct banks of China 6205:National Bank of China 6200:Imperial Bank of China 6106:Bank of Communications 5786:University of Michigan 5731:. Armonk: M.E. Sharpe. 5219:"Stringing Cash Coins" 4481: 4468:(恒生銀號) was founded in 4444:had to comply to. The 4087: 3618:Bank of Communications 3356: 2768: 2741:May Thirtieth Incident 2506:in this clique in 1925 2497:in this clique in 1921 2412: 2171: 1846:Imperial Bank of China 1365: 947:as the high number of 679: 479:. In Hankou alone the 455:was also often called 160: 56:by rewriting it in an 6288:City Bank of New York 6252:Banque de l'Indochine 5925:Zhonghua baike yaolan 5751:Kwan Man Bun (2001). 5713:Zhongguo yinhangyeshi 5679:. pp. 1897–1937. 5667:Cheng Linsun (2003). 4740:"Early Chinese Banks" 4510:xiao’e daikuan gongsi 4463: 4057: 3675:include the Shanghai 3622:Farmers Bank of China 3614:Central Bank of China 3541:Hupeh Provincial Bank 3524:In the year 1933 the 3484:(which were known as 3342: 3048:banks, including the 2949:In 1947 the Shanghai 2754: 2521:(in taels of silver) 2402: 2192:Hupeh Provincial Bank 2157: 2016:Banque de l'Indochine 1713:province, the larger 1421:The first documented 1345: 673: 250:private Chinese banks 144: 6408:Yokohama Specie Bank 5919:. Beijing: Shenghuo. 5889:Wang, Y. F. (2017). 5691:. Hitotsubashironsō. 4043:Differences between 3586:1935 currency reform 3264:Qing dynasty coinage 2992:started engaging in 2027:Yokohama Specie Bank 1598:their idle funds in 385:made a come back in 240:, and translated as 149:stringing cash coins 6099:National government 5898:Zhongguo de Yinhang 5727:Ji Zhaojin (2002). 5585:Noah Elbot (2019). 5225:. 28 September 2016 4742:. China Travel Page 3904:the manager of the 3892:in the modern era. 3890:credit investigator 3294:Japanese cash coins 3256:Cash (Chinese coin) 2968:and several Hankou 2926:had existed before 2901:Government officers 2431:would remain to be 2323:, while the Hankou 1922:economy of Shanghai 1397:gentry. The larger 1390:unlimited liability 1237:unlimited liability 814:, their purging of 808:Northern Expedition 536:qianye zonggong suo 6383:Russo-Asiatic Bank 6379:Russo-Chinese Bank 5896:Wu Chengxi (吴承禧). 5842:Zhongguo huobi shi 5575:, p. 114–118. 5504:Harvard University 5439:Huang Jianhui 1994 5429:, p. 104–113. 5405:, p. 138–144. 5298:Huang Jianhui 1994 5173:. 6 September 2013 4833:錢莊, private banks" 4774:Ji Zhaojin (2002) 4482: 4088: 3534:fei liang gai yuan 3357: 2769: 2486:Name of the clique 2413: 2172: 2145:Xianfeng inflation 2081:, and Hankou over 2023:Russo-Chinese Bank 1898:lingdui qianzhuang 1888:(挑打錢莊), while the 1752:. This led to the 1366: 1095:surrender of Japan 1037:guild, the member 680: 210:duihuan qianzhuang 161: 58:encyclopedic style 45:is written like a 6432: 6431: 6396:Sino-Belgian Bank 6186: 6185: 6135: 6134: 5824:Shanghai huobishi 5427:Yang Duanliu 1962 5403:Kwan Man Bun 2001 5286:Cheng Linsun 2003 5274:Cheng Linsun 2003 5197:Wikimedia Commons 5132:978-981-10-0622-7 5117:. pp. 1–22. 4565:published in the 4551:Islamic countries 4543:Confucian temples 4470:British Hong Kong 4401:supply and demand 4252:Barriers to entry 3714:from first-class 3667:were first-class 3545:Hubei Guan-Qianju 3482:bills of exchange 3363:issued their own 3290:Korean cash coins 3080:and claimed that 2975:Chinese civil war 2916: 2915: 2883:Jewellery dealers 2617: 2616: 2507: 2498: 2395:Republic of China 2319:with owners from 2286:with owners from 2198:) in the city of 2196:Hubei Guan-Qianju 2077:, Guangzhou over 1996:mainland European 1886:tiaoda qianzhuang 1830:Hamashita Takeshi 1738:Taiping Rebellion 1650:In Shanghai many 1559:Xinhai Revolution 1243:had, even if the 1210:Chinese Civil War 1060:elementary school 1018:guild the Hankou 903:exchange students 826:, as well as the 820:Nanchang Uprising 663:Structure of the 532:ruyuan qianzhuang 416:river. The terms 381:During the 1990s 368:Republican period 299:. In contrast to 139: 138: 131: 86: 85: 78: 16:(Redirected from 6472: 6460:Banking in China 6406: 6405: 6394: 6393: 6377: 6376: 6365: 6364: 6353: 6352: 6341: 6340: 6329:HSBC (Hong Kong) 6322: 6321: 6310: 6309: 6298: 6297: 6286: 6285: 6274: 6273: 6262: 6261: 6250: 6249: 6238: 6237: 6226: 6225: 6192:Commercial banks 6166: 6144:("Shanxi banks") 6115:Provincial banks 6071: 6067:Government banks 6051: 6050: 6039: 6032: 6025: 6016: 6009:Mandarin Chinese 6001:Jingjixue cidian 5994:Mandarin Chinese 5983:Mandarin Chinese 5972:Mandarin Chinese 5951: 5933:Mandarin Chinese 5920: 5906:Mandarin Chinese 5893:, 14 (2), 38–47. 5886: 5850:Mandarin Chinese 5834: 5818: 5789: 5768: 5745:Mandarin Chinese 5732: 5723: 5705:Mandarin Chinese 5692: 5689:中国通商銀行の設立と香港上海銀行 5680: 5654: 5653: 5651: 5649: 5637: 5624: 5609: 5603: 5602: 5600: 5598: 5582: 5576: 5570: 5564: 5563:, p. 54–57. 5558: 5552: 5546: 5540: 5529: 5523: 5513: 5507: 5500: 5477: 5476: 5474: 5472: 5460: 5454: 5448: 5442: 5441:, p. 90–91. 5436: 5430: 5424: 5418: 5417:, p. 36–43. 5415:Ye Shichang 2003 5412: 5406: 5400: 5394: 5393: 5387: 5383: 5381: 5373: 5355: 5349: 5343: 5337: 5336:, p. 18–19. 5331: 5325: 5322:Pan Liangui 2004 5319: 5313: 5307: 5301: 5295: 5289: 5288:, p. 11–15. 5283: 5277: 5271: 5262: 5261:, p. 68–69. 5256: 5247: 5241: 5235: 5234: 5232: 5230: 5215: 5209: 5206: 5200: 5189: 5183: 5182: 5180: 5178: 5163: 5157: 5151: 5145: 5144: 5103: 5052: 5051: 5049: 5047: 5036: 4849: 4848: 4846: 4844: 4824: 4779: 4772: 4766: 4765: 4759: 4751: 4749: 4747: 4735: 4729: 4722: 4716: 4701: 4695: 4694: 4692: 4690: 4675: 4658: 4655: 4649: 4646:Shaoxing country 4642: 4636: 4625: 4619: 4616: 4610: 4607: 4559:Pauline Grosjean 4522:dixia qianzhuang 4504:, mostly in the 4484:In January 2018 4456:Modern influence 4270:Qianlong Emperor 4174:Both the Hankou 3620:, and later the 3565:magistrate seals 3521:metal assayers. 3320:Scrip issued by 2909:Pawn shop owners 2824: 2640:Mizuno Yukiyoshi 2627:, the number of 2501: 2492: 2489:Place of origins 2475: 2417:Wuchang Uprising 2279:taels in loans. 2012:French Indochina 1668:Qianlong Emperor 1202:commercial banks 988:temple joss hall 790: 789: 785: 718:, for example a 637:Shanxi merchants 544:fei huihuazhuang 540:Mandarin Chinese 238:Mandarin Chinese 182: 173: 134: 127: 123: 120: 114: 96: 88: 81: 74: 70: 67: 61: 38: 37: 30: 21: 6480: 6479: 6475: 6474: 6473: 6471: 6470: 6469: 6435: 6434: 6433: 6428: 6412: 6400: 6388: 6371: 6359: 6347: 6335: 6316: 6304: 6292: 6280: 6268: 6256: 6244: 6232: 6220: 6209: 6182: 6155: 6143: 6131: 6110: 6094: 6062: 6053: 6045: 6043: 5977:Zhang Guohui - 5945: 5938: 5918: 5911: 5874: 5840:(彭信威) (1954 ). 5828: 5821: 5807:10.2307/2594316 5792: 5771: 5750: 5726: 5717: 5710: 5690: 5683: 5666: 5663: 5658: 5657: 5647: 5645: 5639: 5638: 5627: 5610: 5606: 5596: 5594: 5591:Duke University 5584: 5583: 5579: 5571: 5567: 5561:Ji Zhaojin 2002 5559: 5555: 5551:, p. 8–10. 5547: 5543: 5530: 5526: 5514: 5510: 5501: 5480: 5470: 5468: 5462: 5461: 5457: 5449: 5445: 5437: 5433: 5425: 5421: 5413: 5409: 5401: 5397: 5384: 5374: 5370: 5357: 5356: 5352: 5344: 5340: 5332: 5328: 5320: 5316: 5308: 5304: 5296: 5292: 5284: 5280: 5272: 5265: 5257: 5250: 5242: 5238: 5228: 5226: 5217: 5216: 5212: 5207: 5203: 5190: 5186: 5176: 5174: 5165: 5164: 5160: 5152: 5148: 5133: 5105: 5104: 5055: 5045: 5043: 5038: 5037: 4852: 4842: 4840: 4826: 4825: 4782: 4773: 4769: 4752: 4745: 4743: 4737: 4736: 4732: 4723: 4719: 4702: 4698: 4688: 4686: 4677: 4676: 4672: 4667: 4662: 4661: 4656: 4652: 4643: 4639: 4626: 4622: 4617: 4613: 4608: 4604: 4599: 4478:commercial bank 4458: 4334:guild had high 4254: 4178:and the Hankou 4163:head office in 4146:and the Hankou 4123:nor the Hankou 4093: 4052: 3978:social networks 3870:unwritten rules 3816: 3790: 3661: 3606:silver standard 3592:introduced the 3559:for silver and 3337: 3331: 3325: 3298:Vietnamese cash 3270:Chinese history 3266: 3254:Main articles: 3252: 3112:was tolerated. 3106:planned economy 3002: 2867:Senior managers 2796:Currency Decree 2665:. The Zhe-Bang 2520: 2511: 2457:Chinese culture 2397: 2164:Guangxu Yuanbao 2039:Boxer Rebellion 2025:, and Japanese 1807:Sino-French War 1677:In the city of 1670:, The Shanghai 1619:spontaneously. 1541:Jiaqing Emperor 1501:coin collectors 1340: 1335: 1329: 1218: 1143: 1103: 934: 918: 787: 783: 782: 668: 403: 254:old-style banks 186:Shanxi province 135: 124: 118: 115: 112: 97: 82: 71: 65: 62: 54:help improve it 51: 39: 35: 28: 23: 22: 15: 12: 11: 5: 6478: 6476: 6468: 6467: 6462: 6457: 6452: 6447: 6437: 6436: 6430: 6429: 6427: 6426: 6421: 6417: 6414: 6413: 6411: 6410: 6398: 6386: 6385: 6384: 6369: 6357: 6345: 6333: 6332: 6331: 6314: 6302: 6290: 6278: 6266: 6254: 6242: 6240:Bank of Taiwan 6230: 6217: 6215: 6211: 6210: 6208: 6207: 6202: 6196: 6194: 6188: 6187: 6184: 6183: 6181: 6180: 6174: 6172: 6163: 6157: 6156: 6154: 6153: 6147: 6145: 6137: 6136: 6133: 6132: 6130: 6129: 6124: 6118: 6116: 6112: 6111: 6109: 6108: 6102: 6100: 6096: 6095: 6093: 6092: 6091: 6090: 6079: 6077: 6068: 6064: 6063: 6058: 6055: 6054: 6044: 6042: 6041: 6034: 6027: 6019: 6013: 6012: 5997: 5986: 5975: 5960:Zhongguo lishi 5952: 5936: 5921: 5909: 5894: 5887: 5872: 5853: 5835: 5829:(in Chinese). 5819: 5801:(2): 291–305. 5790: 5769: 5748: 5733: 5724: 5718:(in Chinese). 5708: 5693: 5681: 5662: 5659: 5656: 5655: 5625: 5604: 5577: 5565: 5553: 5549:McElderry 1976 5541: 5524: 5508: 5478: 5467:. Wuhan Design 5455: 5443: 5431: 5419: 5407: 5395: 5369:978-0674511651 5368: 5350: 5346:Hamashita 1980 5338: 5334:McElderry 1976 5326: 5324:, p. 105. 5314: 5310:McElderry 1976 5302: 5300:, p. 194. 5290: 5278: 5263: 5259:McElderry 1976 5248: 5236: 5210: 5201: 5184: 5158: 5154:McElderry 1976 5146: 5131: 5053: 4850: 4837:Chinaknowledge 4780: 4767: 4730: 4717: 4715:, 1978), p.11. 4696: 4678:Craig Wilson ( 4669: 4668: 4666: 4663: 4660: 4659: 4650: 4637: 4620: 4611: 4601: 4600: 4598: 4595: 4502:northern China 4466:Hang Seng Bank 4457: 4454: 4382:interest rates 4253: 4250: 4092: 4089: 4062:banknote of 1 4051: 4041: 3815: 3812: 3792:Various print 3789: 3783: 3769:(or "Township 3660: 3654: 3584:Following the 3553:Hubei Guanpiao 3508:issued by the 3327:Main article: 3324: 3318: 3251: 3248: 3001: 2998: 2914: 2913: 2910: 2906: 2905: 2902: 2898: 2897: 2894: 2888: 2887: 2884: 2880: 2879: 2876: 2875:Modern bankers 2872: 2871: 2868: 2864: 2863: 2860: 2859:Industrialists 2856: 2855: 2852: 2851:Native bankers 2848: 2847: 2844: 2840: 2839: 2836: 2832: 2831: 2755:A small local 2615: 2614: 2611: 2608: 2605: 2602: 2596: 2592: 2591: 2588: 2585: 2582: 2579: 2573: 2569: 2568: 2565: 2562: 2559: 2556: 2550: 2546: 2545: 2542: 2539: 2536: 2533: 2527: 2523: 2522: 2517: 2508: 2499: 2490: 2487: 2483: 2482: 2447:In Hankou the 2396: 2393: 2208:Hubei Guanpiao 2079:Southern China 2075:Northern China 1989:huihua zonghui 1892:banks and the 1880:banks and the 1549:Yinhao Gongsuo 1510:northern China 1458:Qianye Gongsuo 1439:Yinhao Huiguan 1431:Yinhao Huiguan 1356:issued by the 1339: 1338:Imperial China 1336: 1328: 1325: 1217: 1214: 1187:hyperinflation 1142: 1141:National guild 1139: 1102: 1099: 1081:), the Hankou 1004:Qianye Gonghui 1000:Qianye Gongsuo 992:Qianye Gongsuo 984:Qianye Gonghui 977:Qianye Gongsuo 973:Qianye Gonghui 965:Qianye Gongsuo 961:Qianye Gongsuo 957:Qianye Gonghui 933: 930: 917: 911: 667: 661: 450:southern China 426:Northern China 402: 399: 387:mainland China 297:Qianye Gongsuo 157:imperial China 137: 136: 103:listed sources 100: 98: 91: 84: 83: 42: 40: 33: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 6477: 6466: 6463: 6461: 6458: 6456: 6453: 6451: 6448: 6446: 6443: 6442: 6440: 6425: 6422: 6419: 6418: 6415: 6409: 6404: 6399: 6397: 6392: 6387: 6382: 6381: 6380: 6375: 6370: 6368: 6363: 6358: 6356: 6351: 6346: 6344: 6339: 6334: 6330: 6327: 6326: 6325: 6320: 6315: 6313: 6308: 6303: 6301: 6296: 6291: 6289: 6284: 6279: 6277: 6272: 6267: 6265: 6260: 6255: 6253: 6248: 6243: 6241: 6236: 6231: 6229: 6224: 6219: 6218: 6216: 6214:Foreign banks 6212: 6206: 6203: 6201: 6198: 6197: 6195: 6193: 6189: 6179: 6176: 6175: 6173: 6171: 6167: 6164: 6162: 6158: 6152: 6149: 6148: 6146: 6142: 6138: 6128: 6125: 6123: 6120: 6119: 6117: 6113: 6107: 6104: 6103: 6101: 6097: 6089: 6086: 6085: 6084: 6081: 6080: 6078: 6076: 6072: 6069: 6065: 6061: 6056: 6049: 6040: 6035: 6033: 6028: 6026: 6021: 6020: 6017: 6010: 6006: 6002: 5998: 5995: 5991: 5987: 5984: 5980: 5976: 5973: 5969: 5965: 5961: 5957: 5953: 5949: 5942: 5937: 5934: 5930: 5926: 5922: 5915: 5910: 5907: 5903: 5899: 5895: 5892: 5888: 5884: 5880: 5879: 5873: 5870: 5866: 5862: 5858: 5854: 5851: 5847: 5843: 5839: 5836: 5832: 5825: 5820: 5816: 5812: 5808: 5804: 5800: 5796: 5791: 5787: 5783: 5779: 5775: 5770: 5766: 5762: 5758: 5754: 5749: 5746: 5742: 5738: 5734: 5730: 5725: 5721: 5714: 5709: 5706: 5702: 5698: 5694: 5687: 5682: 5678: 5674: 5670: 5665: 5664: 5660: 5643: 5636: 5634: 5632: 5630: 5626: 5622: 5618: 5614: 5608: 5605: 5592: 5588: 5581: 5578: 5574: 5569: 5566: 5562: 5557: 5554: 5550: 5545: 5542: 5538: 5534: 5528: 5525: 5521: 5517: 5512: 5509: 5505: 5499: 5497: 5495: 5493: 5491: 5489: 5487: 5485: 5483: 5479: 5466: 5459: 5456: 5452: 5447: 5444: 5440: 5435: 5432: 5428: 5423: 5420: 5416: 5411: 5408: 5404: 5399: 5396: 5391: 5379: 5371: 5365: 5361: 5354: 5351: 5347: 5342: 5339: 5335: 5330: 5327: 5323: 5318: 5315: 5312:, p. 21. 5311: 5306: 5303: 5299: 5294: 5291: 5287: 5282: 5279: 5276:, p. 38. 5275: 5270: 5268: 5264: 5260: 5255: 5253: 5249: 5245: 5240: 5237: 5224: 5220: 5214: 5211: 5205: 5202: 5198: 5194: 5188: 5185: 5172: 5168: 5162: 5159: 5155: 5150: 5147: 5142: 5138: 5134: 5128: 5124: 5120: 5116: 5115:Springer Link 5112: 5108: 5102: 5100: 5098: 5096: 5094: 5092: 5090: 5088: 5086: 5084: 5082: 5080: 5078: 5076: 5074: 5072: 5070: 5068: 5066: 5064: 5062: 5060: 5058: 5054: 5042: 5035: 5033: 5031: 5029: 5027: 5025: 5023: 5021: 5019: 5017: 5015: 5013: 5011: 5009: 5007: 5005: 5003: 5001: 4999: 4997: 4995: 4993: 4991: 4989: 4987: 4985: 4983: 4981: 4979: 4977: 4975: 4973: 4971: 4969: 4967: 4965: 4963: 4961: 4959: 4957: 4955: 4953: 4951: 4949: 4947: 4945: 4943: 4941: 4939: 4937: 4935: 4933: 4931: 4929: 4927: 4925: 4923: 4921: 4919: 4917: 4915: 4913: 4911: 4909: 4907: 4905: 4903: 4901: 4899: 4897: 4895: 4893: 4891: 4889: 4887: 4885: 4883: 4881: 4879: 4877: 4875: 4873: 4871: 4869: 4867: 4865: 4863: 4861: 4859: 4857: 4855: 4851: 4838: 4834: 4832: 4823: 4821: 4819: 4817: 4815: 4813: 4811: 4809: 4807: 4805: 4803: 4801: 4799: 4797: 4795: 4793: 4791: 4789: 4787: 4785: 4781: 4777: 4771: 4768: 4763: 4757: 4741: 4734: 4731: 4728:4 (1986): 59. 4727: 4721: 4718: 4714: 4710: 4706: 4700: 4697: 4685: 4681: 4674: 4671: 4664: 4654: 4651: 4647: 4641: 4638: 4634: 4630: 4624: 4621: 4615: 4612: 4606: 4603: 4596: 4594: 4592: 4588: 4587: 4582: 4578: 4574: 4570: 4569: 4564: 4560: 4556: 4552: 4547: 4544: 4539: 4534: 4530: 4525: 4523: 4519: 4515: 4511: 4507: 4503: 4499: 4495: 4491: 4487: 4479: 4475: 4472:in 1933 as a 4471: 4467: 4462: 4455: 4453: 4451: 4447: 4443: 4439: 4435: 4430: 4428: 4424: 4423:macroeconomic 4420: 4415: 4411: 4406: 4402: 4397: 4395: 4391: 4387: 4383: 4379: 4374: 4372: 4368: 4363: 4360: 4355: 4353: 4348: 4345:and no local 4344: 4339: 4337: 4336:social credit 4333: 4329: 4325: 4321: 4316: 4314: 4310: 4306: 4302: 4297: 4293: 4288: 4284: 4280: 4275: 4271: 4267: 4263: 4259: 4251: 4249: 4247: 4243: 4238: 4234: 4230: 4226: 4222: 4218: 4214: 4210: 4206: 4202: 4198: 4194: 4190: 4186: 4181: 4177: 4172: 4170: 4166: 4162: 4158: 4153: 4149: 4145: 4140: 4138: 4134: 4130: 4126: 4122: 4118: 4114: 4109: 4106: 4102: 4098: 4090: 4085: 4081: 4077: 4073: 4069: 4065: 4061: 4056: 4050: 4046: 4042: 4040: 4038: 4034: 4030: 4026: 4021: 4015: 4012: 4008: 4004: 3999: 3994: 3991: 3986: 3982: 3979: 3975: 3970: 3965: 3963: 3959: 3953: 3951: 3946: 3942: 3938: 3934: 3930: 3926: 3922: 3918: 3914: 3909: 3907: 3902: 3898: 3893: 3891: 3886: 3882: 3878: 3873: 3871: 3866: 3865:Western world 3861: 3859: 3855: 3851: 3846: 3842: 3838: 3834: 3829: 3825: 3821: 3813: 3811: 3808: 3803: 3800: 3799:Bank of China 3795: 3788: 3784: 3782: 3780: 3776: 3772: 3768: 3763: 3761: 3757: 3753: 3749: 3745: 3741: 3737: 3733: 3729: 3725: 3721: 3717: 3713: 3709: 3706:Second-class 3704: 3702: 3698: 3694: 3690: 3686: 3682: 3678: 3674: 3670: 3666: 3659: 3655: 3653: 3651: 3647: 3643: 3640:worth of new 3639: 3635: 3631: 3630:United States 3627: 3623: 3619: 3615: 3611: 3610:Bank of China 3607: 3603: 3599: 3595: 3591: 3587: 3582: 3579: 3574: 3571:by the local 3570: 3566: 3562: 3558: 3554: 3550: 3546: 3542: 3537: 3535: 3531: 3527: 3522: 3520: 3516: 3511: 3507: 3503: 3498: 3494: 3489: 3487: 3483: 3479: 3475: 3471: 3467: 3463: 3459: 3455: 3451: 3447: 3443: 3439: 3434: 3430: 3426: 3422: 3417: 3413: 3408: 3405: 3399: 3397: 3396:nominal value 3393: 3389: 3384: 3382: 3378: 3374: 3370: 3366: 3362: 3354: 3350: 3346: 3341: 3336: 3330: 3323: 3319: 3317: 3315: 3311: 3307: 3303: 3299: 3295: 3291: 3287: 3283: 3278: 3274: 3271: 3265: 3261: 3257: 3249: 3247: 3245: 3241: 3237: 3231: 3229: 3225: 3224: 3219: 3215: 3211: 3207: 3203: 3199: 3194: 3191: 3187: 3184: 3180: 3176: 3172: 3167: 3165: 3161: 3157: 3153: 3149: 3145: 3140: 3138: 3134: 3130: 3126: 3122: 3118: 3113: 3111: 3107: 3103: 3099: 3095: 3092:to serve the 3091: 3087: 3086:nationalistic 3083: 3079: 3075: 3071: 3067: 3063: 3059: 3055: 3051: 3047: 3046: 3045:ancien régime 3041: 3036: 3034: 3030: 3026: 3021: 3019: 3015: 3011: 3007: 2997: 2995: 2991: 2986: 2984: 2980: 2976: 2971: 2967: 2963: 2958: 2956: 2952: 2947: 2945: 2941: 2937: 2933: 2929: 2925: 2921: 2911: 2908: 2907: 2903: 2900: 2899: 2895: 2893: 2890: 2889: 2885: 2882: 2881: 2877: 2874: 2873: 2869: 2866: 2865: 2861: 2858: 2857: 2853: 2850: 2849: 2845: 2842: 2841: 2837: 2834: 2833: 2830: 2825: 2822: 2820: 2816: 2811: 2809: 2805: 2801: 2797: 2792: 2790: 2786: 2782: 2778: 2774: 2766: 2762: 2758: 2753: 2749: 2747: 2742: 2737: 2735: 2730: 2726: 2722: 2718: 2714: 2709: 2707: 2703: 2699: 2695: 2691: 2687: 2683: 2679: 2674: 2672: 2668: 2664: 2660: 2655: 2653: 2649: 2645: 2641: 2637: 2632: 2630: 2626: 2622: 2612: 2609: 2606: 2603: 2600: 2597: 2594: 2593: 2589: 2586: 2583: 2580: 2577: 2574: 2571: 2570: 2566: 2563: 2560: 2557: 2554: 2551: 2548: 2547: 2543: 2540: 2537: 2534: 2531: 2528: 2525: 2524: 2518: 2515: 2509: 2505: 2500: 2496: 2491: 2488: 2485: 2484: 2481: 2476: 2473: 2470: 2468: 2463: 2458: 2454: 2450: 2445: 2443: 2438: 2436: 2435: 2430: 2426: 2422: 2418: 2410: 2406: 2401: 2394: 2392: 2390: 2386: 2381: 2379: 2374: 2370: 2366: 2362: 2358: 2352: 2350: 2345: 2341: 2337: 2333: 2328: 2326: 2322: 2318: 2314: 2310: 2305: 2301: 2297: 2293: 2289: 2285: 2280: 2277: 2273: 2268: 2266: 2262: 2257: 2252: 2250: 2246: 2241: 2237: 2232: 2228: 2223: 2221: 2217: 2214:banknotes by 2213: 2209: 2205: 2201: 2197: 2193: 2189: 2185: 2184:Zhang Zhidong 2180: 2178: 2169: 2165: 2161: 2156: 2152: 2150: 2149:gold standard 2146: 2142: 2139:banknotes as 2138: 2137:Hubu Guanpiao 2134: 2130: 2125: 2124:fiat banknote 2120: 2115: 2113: 2110:, the Hankou 2109: 2105: 2101: 2097: 2093: 2088: 2084: 2083:Central China 2080: 2076: 2072: 2071:Eastern China 2068: 2064: 2059: 2057: 2052: 2047: 2042: 2040: 2036: 2033:merchants in 2032: 2028: 2024: 2021: 2017: 2013: 2009: 2005: 2001: 1997: 1992: 1990: 1986: 1985:gongdan zhidu 1982: 1981:gongdan zhidu 1977: 1975: 1971: 1967: 1963: 1959: 1955: 1951: 1947: 1943: 1938: 1933: 1931: 1927: 1923: 1919: 1918:ripple effect 1915: 1911: 1906: 1901: 1899: 1895: 1891: 1887: 1883: 1879: 1875: 1872:(利), and the 1871: 1867: 1863: 1859: 1855: 1852:words of the 1849: 1847: 1843: 1839: 1835: 1831: 1827: 1823: 1818: 1816: 1812: 1808: 1803: 1801: 1797: 1791: 1788: 1784: 1779: 1775: 1771: 1767: 1763: 1759: 1755: 1751: 1747: 1743: 1739: 1735: 1731: 1726: 1724: 1720: 1716: 1712: 1708: 1704: 1700: 1696: 1692: 1688: 1684: 1680: 1675: 1673: 1669: 1665: 1661: 1657: 1653: 1648: 1645: 1641: 1637: 1633: 1629: 1625: 1620: 1618: 1614: 1609: 1605: 1601: 1596: 1592: 1588: 1584: 1580: 1576: 1572: 1568: 1564: 1560: 1555: 1552: 1550: 1546: 1542: 1537: 1535: 1531: 1526: 1521: 1519: 1515: 1511: 1506: 1502: 1498: 1494: 1489: 1485: 1482: 1478: 1475: 1471: 1467: 1463: 1459: 1455: 1451: 1447: 1444: 1440: 1436: 1432: 1428: 1424: 1419: 1416: 1412: 1408: 1404: 1400: 1395: 1391: 1387: 1383: 1379: 1375: 1371: 1368:The earliest 1363: 1359: 1355: 1354: 1349: 1344: 1337: 1334: 1326: 1324: 1322: 1318: 1314: 1309: 1307: 1303: 1299: 1295: 1290: 1285: 1283: 1279: 1275: 1271: 1267: 1263: 1258: 1254: 1250: 1246: 1242: 1238: 1234: 1229: 1227: 1223: 1215: 1213: 1211: 1207: 1203: 1199: 1195: 1192:The national 1190: 1188: 1184: 1180: 1176: 1172: 1168: 1164: 1160: 1156: 1152: 1148: 1140: 1138: 1136: 1132: 1128: 1124: 1120: 1116: 1112: 1108: 1100: 1098: 1096: 1092: 1088: 1084: 1080: 1076: 1071: 1069: 1065: 1061: 1057: 1052: 1049: 1045: 1040: 1036: 1032: 1027: 1025: 1021: 1017: 1013: 1009: 1005: 1001: 997: 993: 989: 985: 980: 978: 974: 970: 966: 962: 958: 954: 950: 946: 942: 939: 931: 929: 927: 923: 915: 912: 910: 908: 904: 900: 896: 891: 887: 882: 877: 874: 870: 865: 863: 858: 856: 852: 851: 850:modus vivendi 845: 840: 837: 833: 829: 825: 821: 817: 813: 809: 805: 801: 796: 793: 778: 776: 772: 768: 763: 761: 756: 751: 746: 741: 738: 733: 728: 725: 721: 717: 713: 709: 705: 704:receptionists 701: 697: 693: 689: 685: 677: 672: 666: 662: 660: 658: 654: 650: 647:province and 646: 642: 638: 634: 630: 626: 622: 618: 614: 612: 608: 604: 600: 596: 592: 588: 584: 580: 576: 575:Menmian-Zihao 572: 568: 564: 560: 556: 551: 549: 548:xiao tonghang 545: 541: 537: 533: 529: 525: 521: 517: 512: 510: 506: 502: 498: 494: 490: 486: 482: 478: 474: 470: 466: 462: 458: 454: 451: 447: 443: 439: 435: 431: 427: 423: 419: 415: 411: 407: 400: 398: 396: 392: 388: 384: 379: 377: 373: 369: 365: 361: 357: 352: 350: 346: 342: 338: 334: 331:survived the 330: 326: 322: 318: 314: 313:foreign trade 310: 306: 302: 298: 294: 290: 286: 282: 278: 273: 271: 267: 263: 259: 255: 251: 247: 243: 239: 235: 231: 227: 223: 219: 215: 211: 207: 203: 199: 195: 191: 187: 183: 181:ch'ien-chuang 177: 169: 165: 158: 154: 150: 147: 143: 133: 130: 122: 110: 109: 104: 99: 95: 90: 89: 80: 77: 69: 59: 55: 49: 48: 43:This article 41: 32: 31: 19: 6160: 6151:Rishengchang 6075:Central bank 6000: 5989: 5978: 5959: 5955: 5940: 5924: 5913: 5897: 5890: 5876: 5856: 5841: 5823: 5798: 5794: 5773: 5752: 5736: 5728: 5712: 5699:(中國金融百科全書) ( 5696: 5685: 5668: 5646:. Retrieved 5607: 5597:15 September 5595:. Retrieved 5580: 5568: 5556: 5544: 5527: 5511: 5469:. Retrieved 5458: 5446: 5434: 5422: 5410: 5398: 5359: 5353: 5341: 5329: 5317: 5305: 5293: 5281: 5239: 5227:. Retrieved 5222: 5213: 5204: 5187: 5175:. Retrieved 5170: 5161: 5149: 5110: 5044:. Retrieved 4841:. Retrieved 4830: 4775: 4770: 4746:10 September 4744:. Retrieved 4733: 4725: 4720: 4708: 4704: 4699: 4687:. Retrieved 4673: 4653: 4640: 4623: 4614: 4605: 4584: 4580: 4566: 4562: 4548: 4538:Confucianism 4532: 4528: 4526: 4521: 4517: 4513: 4509: 4493: 4489: 4483: 4473: 4449: 4445: 4441: 4437: 4433: 4431: 4426: 4418: 4413: 4409: 4404: 4398: 4393: 4389: 4385: 4377: 4375: 4370: 4366: 4364: 4358: 4356: 4351: 4346: 4342: 4340: 4331: 4327: 4323: 4319: 4317: 4312: 4308: 4304: 4301:Qing dynasty 4295: 4291: 4286: 4282: 4278: 4273: 4265: 4261: 4257: 4255: 4245: 4241: 4236: 4232: 4220: 4216: 4212: 4208: 4204: 4200: 4196: 4188: 4184: 4179: 4175: 4173: 4160: 4156: 4151: 4147: 4143: 4141: 4136: 4132: 4124: 4120: 4116: 4112: 4110: 4100: 4096: 4094: 4083: 4079: 4075: 4071: 4067: 4059: 4048: 4044: 4036: 4028: 4024: 4016: 4010: 4006: 4002: 3997: 3995: 3989: 3987: 3983: 3973: 3968: 3966: 3954: 3949: 3944: 3940: 3932: 3928: 3924: 3920: 3916: 3912: 3910: 3905: 3900: 3894: 3884: 3880: 3876: 3874: 3862: 3857: 3853: 3849: 3844: 3840: 3836: 3832: 3827: 3819: 3817: 3814:Credit loans 3806: 3804: 3791: 3786: 3774: 3770: 3766: 3765:Third-class 3764: 3759: 3755: 3751: 3747: 3719: 3715: 3711: 3707: 3705: 3700: 3696: 3692: 3688: 3684: 3680: 3676: 3672: 3668: 3664: 3663:The largest 3662: 3657: 3649: 3641: 3634:central bank 3625: 3601: 3598:legal tender 3593: 3583: 3572: 3568: 3548: 3544: 3538: 3533: 3523: 3518: 3514: 3509: 3505: 3501: 3496: 3492: 3490: 3485: 3477: 3473: 3470:huihuazhuang 3469: 3461: 3453: 3450:huihuazhuang 3449: 3445: 3441: 3437: 3432: 3428: 3424: 3411: 3409: 3403: 3400: 3391: 3385: 3380: 3376: 3368: 3360: 3358: 3344: 3321: 3313: 3306:grain market 3285: 3281: 3275:were put on 3267: 3243: 3232: 3227: 3221: 3217: 3213: 3205: 3201: 3197: 3195: 3189: 3188: 3182: 3178: 3174: 3168: 3163: 3159: 3155: 3151: 3147: 3143: 3141: 3136: 3132: 3128: 3120: 3116: 3114: 3109: 3097: 3089: 3081: 3073: 3069: 3065: 3061: 3057: 3049: 3043: 3040:Soviet-style 3037: 3032: 3028: 3024: 3022: 3017: 3009: 3003: 2989: 2987: 2982: 2978: 2969: 2965: 2961: 2959: 2954: 2950: 2948: 2943: 2939: 2935: 2931: 2928:World War II 2923: 2919: 2917: 2835:Social group 2828: 2818: 2814: 2812: 2807: 2803: 2799: 2793: 2788: 2784: 2780: 2776: 2770: 2756: 2745: 2738: 2733: 2728: 2720: 2712: 2710: 2705: 2701: 2697: 2693: 2689: 2677: 2675: 2670: 2666: 2662: 2658: 2656: 2651: 2647: 2643: 2635: 2633: 2628: 2624: 2620: 2618: 2503: 2494: 2479: 2471: 2466: 2461: 2448: 2446: 2441: 2439: 2432: 2428: 2414: 2404: 2388: 2382: 2377: 2372: 2368: 2364: 2360: 2353: 2348: 2344:stock market 2339: 2335: 2331: 2329: 2324: 2316: 2312: 2308: 2303: 2299: 2295: 2291: 2290:, all these 2283: 2281: 2275: 2271: 2269: 2264: 2260: 2255: 2253: 2248: 2244: 2239: 2235: 2230: 2224: 2215: 2211: 2203: 2195: 2190:created the 2181: 2177:Anglo-Indian 2173: 2167: 2159: 2128: 2118: 2116: 2111: 2103: 2099: 2095: 2086: 2066: 2062: 2060: 2055: 2050: 2045: 2043: 2004:Kwan Man Bun 1993: 1988: 1984: 1980: 1978: 1973: 1969: 1965: 1961: 1957: 1953: 1949: 1945: 1936: 1934: 1929: 1925: 1913: 1909: 1902: 1897: 1893: 1889: 1885: 1881: 1877: 1873: 1869: 1865: 1861: 1850: 1841: 1837: 1833: 1826:Zhang Guohui 1821: 1819: 1814: 1810: 1804: 1799: 1792: 1786: 1782: 1777: 1769: 1765: 1757: 1753: 1727: 1722: 1718: 1714: 1706: 1702: 1698: 1694: 1690: 1686: 1682: 1676: 1671: 1663: 1651: 1649: 1643: 1639: 1635: 1631: 1627: 1623: 1621: 1616: 1612: 1607: 1603: 1599: 1594: 1590: 1586: 1582: 1578: 1574: 1570: 1566: 1563:Shanxi banks 1556: 1553: 1548: 1538: 1533: 1529: 1524: 1522: 1513: 1504: 1496: 1492: 1474:copper-alloy 1469: 1461: 1457: 1449: 1448:. The first 1446:Qing dynasty 1438: 1434: 1430: 1422: 1420: 1414: 1410: 1406: 1398: 1385: 1381: 1377: 1374:Ming dynasty 1369: 1367: 1360:in the year 1351: 1347: 1320: 1316: 1312: 1310: 1301: 1297: 1293: 1288: 1286: 1281: 1277: 1273: 1270:qianzhuang's 1269: 1265: 1261: 1256: 1252: 1248: 1244: 1240: 1232: 1230: 1225: 1219: 1205: 1197: 1193: 1191: 1182: 1178: 1146: 1144: 1134: 1130: 1126: 1122: 1118: 1114: 1104: 1090: 1086: 1082: 1079:World War II 1072: 1067: 1064:night school 1055: 1053: 1047: 1043: 1038: 1034: 1030: 1028: 1023: 1019: 1015: 1011: 1007: 1003: 999: 995: 991: 983: 981: 976: 972: 964: 960: 956: 952: 948: 944: 940: 935: 925: 921: 919: 913: 906: 898: 894: 889: 885: 880: 878: 872: 868: 866: 861: 859: 854: 848: 843: 841: 835: 803: 799: 797: 794: 779: 774: 770: 766: 764: 759: 754: 749: 744: 742: 737:shareholders 731: 729: 723: 719: 715: 711: 687: 683: 681: 675: 664: 656: 632: 628: 624: 620: 617:Shanxi banks 615: 610: 606: 602: 598: 594: 590: 586: 582: 578: 574: 570: 566: 562: 558: 554: 552: 547: 543: 535: 531: 527: 524:huihuazhuang 523: 522:were called 513: 508: 504: 500: 496: 492: 488: 484: 480: 460: 456: 452: 421: 417: 409: 405: 404: 394: 390: 389:, these new 382: 380: 371: 363: 359: 355: 353: 348: 344: 341:agribusiness 336: 328: 324: 320: 316: 308: 304: 300: 296: 292: 291:. The first 277:Yangzi Delta 274: 269: 266:Qing dynasty 262:Ming dynasty 257: 256:in English, 253: 249: 246:native banks 245: 241: 233: 229: 225: 221: 217: 213: 209: 205: 201: 197: 193: 190:Shanxi banks 188:called the " 179: 163: 162: 152: 145: 125: 119:October 2021 116: 105: 72: 66:October 2021 63: 44: 5958:(中國大百科全書), 5838:Peng Xinwei 5739:(中華國粹大辭典) ( 5471:2 September 5451:McLean 1976 5386:|work= 3962:rule of law 3937:treaty port 3781:, Jiangsu. 3656:Classes of 3377:yinqianpiao 3343:An undated 3268:Throughout 3240:Hankou Bank 3210:loan-sharks 3094:proletariat 3078:bourgeoisie 2838:Percentage 2771:During the 2761:treaty port 2739:During the 1994:While both 1948:would sell 1411:Yinqianpiao 1384:(合伙). Most 1127:Nan Gongsuo 1123:Bei Huiguan 1107:treaty port 1054:The Hankou 901:, training 692:accountants 538:(錢業總公所) in 528:da tonghang 516:treaty port 370:. The last 279:region, in 242:money shops 106:may not be 6439:Categories 6178:Zhuangpiao 6161:Qianzhuang 5927:(中華百科要覽) ( 5869:Washington 5865:Bellingham 5644:. 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