Piaohao - Knowledge (XXG)

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expiration date after eight years and a lesser insider with only one expertise share would receive a "dead share" which expired only after seven years. Insiders with fractional expertise shares were granted identical fractions of a "dead share", but these "dead shares" would expire sooner for smaller fractions. For example, "dead shares" comprising an eighth or a ninth of an expertise share were typically terminated after only six years, while those from 0.6 or 0.7 of an expertise share terminated after five years, and so on, getting shorter for smaller fractions.

4089: 3830: 871:, possibly a Tianjin (or Beijing) manager of this company, observed expensive shipments of silver often would pass each other, going in opposite directions for vast distances; this inspired Lei to see a business opportunity. Lei suggested to his boss, Li Daquan, around the year 1823 that this presented an opportunity to replace expensive private security, wagons, and pack animals with a clearing house for the interregional transfer of money, the settlement of accounts, deposit accounts, loans, and 4173: 4144: 4101: 4053: 4041: 4005: 4132: 4120: 4065: 1016:, which were monopolistic in nature, had found a way to circumvent these issues by vouching for traveling merchants who were paying members. Some Chinese merchant guilds would accept members from many regions of China. The Shanxi Dyed Goods Guild, of which the Rishengchang was a member, was restricted to families that originated in Pingyao county, Shanxi; these types of restrictions would also later be adopted by other 4503: 2313:, namely interest‐free deposits to the government of the Qing dynasty and intergovernmental transfers between different departments and provinces, disappeared overnight as there was no longer a Chinese government. The only institutional change brought to the Chinese financial system by the late Qing dynasty, the standardisation of currency, had completely ended the domestic money exchange business in which the 1066:

which meant that the social and economic status of their families depended on their performance, and any malfeasance from these managers would endanger not just their families' economic and social status back home, but also their freedom and lives. A potential employee with a clean background would present a personal guarantee letter from an eminent personage in his native county for the bank.

4156: 4077: 4029: 4185: 4017: 973:, mostly from the land-owning classes. Because the merchant class could not rely on the magistrates for fair justice, they had to create their own system of enforcing contracts—this system included a general manager chosen by the shareholders. These general managers usually had a team of vice presidents that were tasked to supervise the clerks and other bank employees. 4515: 2715:

issued two types of draft bills, one for ordinary customers and the other for longstanding customers. The bills issued for ordinary customers told the branch office to use a specific type of unit without informing the customer, while the bills for longstanding customers explicitly defined which unit

1835:

and other Chinese banking companies were essential in connecting the various monetary systems that circulated in China at the time by facilitating interregional trade and commerce, providing credit for merchants, and cooperating in times of crisis. It was customary for example for the Shanghai banks

1277:

would oftentimes only hire people from the province of Shanxi, or only from a single county; for example, the Rishengchang only hired people from Pinyao. This was because in traditional culture outsiders were frowned upon and many people often only preferred to deal with only direct family or people

1065:

The decision to completely limit the fulfillment of staff to only people from the same region or whose ancestral roots lay in the same region proved to be a rather powerful governance mechanism. The dividend paid out to the managers was allocated to their blood relatives back in the Shanxi province,

1040:

would check an applicant's family background for three generations—this was because families rarely moved to distant places in China and old neighbors intimately knew each other's families as well as each other's family histories. The background check and guarantor from the applicant's native county

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was one where the general population tended to have a mistrust of outsiders. Usually, people only trusted their direct family members or people with whom they had established longstanding ties. In this society large business enterprises that were run by professionals were largely disfavored. Despite

726:

of their parents; furthermore, branch employees were forbidden from taking their family members with them or marrying while on duty. Severe restrictions were also placed on communication as branch employees were only allowed to write a single letter home each month, but the letter was to be reviewed

3003:

The third of these funds was used to pay dividends to both dead and retired shareholders as well their heirs. These payments always had fixed terms and were paid until the shares expired. For example, a general manager who formerly had a single expertise share would receive one "dead share" with an

2993:

and this fund also contained their deposits; this was because capital shareholders were free to reinvest any fraction of their dividends into the company if they so wished. Drawing this fund down would require the approval of the capital shareholders. The fund provided a capital base for financing

1456:

In preparation for this move, Lei had ordered the move of large amounts of silver to the port branch offices of the Rishengchang, so that when the provincial government representatives arrived, sufficient quantities of silver would await them there. This plan had proved to work flawlessly for both

909:

To deal with the transfer of large amounts of cash from one branch to another, the company introduced drafts, cashable in the company's many branches around China. Although this new method was originally designed for business transactions within the Xiyuecheng Company, it became so popular that in

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such as silver sycees denominated in taels had become the standard currency for large transactions. The tael had regionally varying weights dependent on which city it was being traded in; for example, the Guangzhou tael was 37.5 grams of silver, the Shanghai tael was 33.9 grams of silver, and the

1452:

and enclaves. However, this proved to be a predicament for inland provincial governments as they were unable to transport huge amounts of silver securely from the Chinese interior to the faraway treaty ports. General manager of the Rishengchang, Lei Lutai, saw an opportunity in this crisis. Lei

1365:

above the law. These classes had the ability to confiscate the wealth of the general population, including Chinese merchants, with impunity. Furthermore, because the nobles and government bureaucrats could manipulate the Chinese legal system to their favor, there were no chances for the wronged

2287:

Civil Code, and other Chinese commercial banks also took root in foreign enclaves despite the legal discrimination they faced there. Modern technologies like railroads and telegraph lines let all such entrants establish account clearing operations that would rival the clearing houses already

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as interregional banks. Paramount to this development were local banks in the districts of Pingyao, Qixian, and Taigu, all in the province of Shanxi. Because the credit business was overwhelmingly controlled by the merchant banks from the province of Shanxi, they were also commonly known as

371:

The shares that were inherited through death or retirement were made into a special non-voting class of shares with an expiration date that were only paid out divided. This was done to motivate long-term thinking and to keep the heirs of shareholders outside of the decision‐making process.

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as the bank's assistant managers. After a few years Mao Hongsui ran into some disagreements with Lei Lutai over business strategy and within a couple of years Mao had organised five more banks. In turn, the managers of these banks also started leaving and creating their own banks.

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head office in Pingyao, Shanxi, 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 ownership should work, and its corporate bylaws, but this proposal was disregarded by the higher-ups.

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and the other to the branch of the bank of the seller. After the buyer confirmed the receipt of the goods, the seller could then claim the missing half of the bank draft that was issued to join at his branch office and effect the transfer of monetary funds into his account there.

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The first fund was a type of bad state‐of‐the‐world insurance. The capital shareholders and expertise shareholders would negotiate a fraction of earnings that would have to be retained to be placed into this fund. The money saved into this fund was used for the scenario when an

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would experience rapid growth by providing bank drafts as a service for traveling Chinese merchants. These bank drafts could be obtained if a merchant deposited money in cash at a local branch office. The draft was then ripped in half and one half was given to the seller as an

2467:(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. 2232:

to be subject to looting which caused immense financial losses; furthermore, the chaos caused many bad loans to not be repaid and many people started withdrawing their deposits. During this era Chinese commercial banks and foreign banks started to poach the staff of the

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instructed branch managers of the Rishengchang that were situated in the inland provinces of China to offer their Chinese provincial governments bank drafts to transfer the silver to the designated treaty port cities before the deadline with the British was met.

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The shares held by managers carried non-binding votes that were cast exclusively in management meetings; meanwhile, the shares of the shareholders (or owners) carried votes which were cast only on Grand Assessment Days. These days were generally held after each

752:, would earn an annual salary of 45 taels of silver (or $ 67.50 in Spanish dollars). During this time, the province of Shanxi's best and brightest men were well-advised to forsake the Confucian civil service for careers in the banking sector because of this. 1840:

owners who were engaged in the trade of carrying tribute rice to the north, holding their vessels as collateral. These junks, after having unloaded their rice in the port, would return with shipments of oil, peas, bean cakes, and other products for trade.

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Customs tael was 37.8 grams of silver. The conversion rates between common tael types were well‐known among Chinese traders and merchants, and local units would take precedence unless a particular weight or purity was specified. The Spanish dollar (or

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From the 17th century onwards, China experienced a growing business of interregional trade which required a more elaborate system of credit, exchange, and remittance than that which was already in place. This demand was behind the early success of the

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Unlike shares, securities did not expire: they passed to the owners' heirs and paid interest rather than dividends. These policies may well have sharpened incentives to help the banks succeed, but they also showed that the voting rules employed by the

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had a system of shares known as dual class shares. These let the owners vote only on insiders' retention and compensation every three or four years. The shares of the insiders had the dividend plus votes in meetings advising the general manager of the

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a sum of 21,000,000 Spanish dollars in war indemnities. To raise this amount of money, the government of the Qing dynasty issued an order to each Chinese provincial government to transfer a levy of silver to British agents stationed in the assigned

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hierarchical structures and imperial edicts. Usually disputes were not brought to any formal courts and the act of taking someone to court was not only ineffective but was considered shameful in traditional Chinese culture. The insider laws of the

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

2015:), which yielded enormous profits for the banks. The shares were valued at 850 taels of silver in the year 1889; later their shares stood at 3,150 taels of silver in 1896, 4,024 taels in silver in 1990, and at 17,000 taels of silver in 1908. 1917:

had become quite well-established and widespread, handling as much as half of all banking activity in the Qing Empire; this would last until the establishment of an official modern postal service in the 1890s, which took over the role of the

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These shares were augmented by contracts that would allow the enslavement of insiders' wives and their children, as well as their relative's servants as hostages. These governance mechanisms prevented insider fraud and propelled the

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traded in currencies and conducted currency exchange. At the time there were twenty different forms of bulk silver currency circulating in China; each of these currencies had a different weight and percentage of silver purity. The

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banks became more important in the Chinese financial sector, as they had close connections to the foreign banking companies that began investing in China, particularly in the treaty port city of Shanghai. Despite the rise of the

2529: 1884:, the Qing retaliated by torturing and killing British envoys; this act added an additional 8,000,000 taels of silver to the war debt of the Qing dynasty to the Western powers. The Qing was forced to legalise both 4261: 1378:, like other Shanxi merchants, sought to ingratiate themselves with important government officials to avoid such a fate. In order to gain more favorable relationships with the government of the Qing dynasty, the 420:

maintained branch offices across China. This allowed money to be paid into one branch office and withdrawn from another branch office—essentially sent—without having to arduously transport actual physical silver

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had created a rather complicated system for pensions and welfare to help incentivise people to work harder for the shareholders. This pension scheme consisted of three separate funds was either referred to as a

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

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were based on Confucian traditions and the laws themselves can be described as "a game of ritual formalism". Because the descendants of merchants (a class which includes bankers) were not allowed to take any

818:, the first institutions to offer a full range of banking services. Shanxi became a banking centre during this era. The arising of a banking centre in a remote northern inland Chinese province is akin to the 2756:

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

1804:

tended to be very competitive by nature and cooperated extensively with other branches of banking corporations within their own sphere. They would often send crucial banking-related news to member banks by

1413:, as it not only attracted deposits of wealth from courted Chinese government officials and feudal nobles, but also entire budgets of ministries. The ministries often paid no interest in order for the 722:, or even engaging in any other business interests. Neither were insiders allowed to lend their savings to anyone. Branch employees were also not granted any leave with the notable exception being the 2932:

were more prone to (permanent) closure 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

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At the height of the Taiping Rebellion, the business of transacting funds and revenue became even more dangerous for the Chinese government. In order to overcome these new difficulties, the existing

1778:. For this service the remittance banks charged a fee, which ranged from 2% to 6%. During the usual course of business, these banks also held Qing Chinese government funds for disbursement. As the 2337:' capital shareholders and managers, due to the indemnification clauses which were present in their employment contracts, had to face the full losses causing many fortunes to be lost in the chaos. 3019:

in general, and to carefully choose and train those who would succeed them, for their incomes in retirement as well as the prosperity of their heirs would be dependent on the performance both the

604:), depended on the distance of the transaction, the urgency, and the quality of the silver that was paid to the remitting bank. The remittance fee that was to be paid by the remitter was known as 2687:), with different functions (many of these banknotes represented letters of exchange). These banknotes were seen as "making good for the missing of a kind of paper money or paper currency in the 695:

on their work such as lending or other business decisions, and were swapped upon the death or retirement of the holder for a ⅓ inheritable non-voting equity class, dead shares, with a fixed

2328:' borrowers defaulted. They lacked any collateral—their reputation had always been enough to get a loan. The shareholders were completely unprotected due to their unlimited liability. The 2279:

Foreign banking and financial companies that were operating in treaty ports and foreign enclaves benefited from relative rule of law and legal innovations of the Western world such as

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organizations would begin to show lower returns on investment. These high financial leverages paired with a narrowed profit margin would also indicate the hidden risks that the

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instead of the bourgeoisie. In reality, the political ambiguity of the private Chinese financial sector was likely an obstacle in the eyes of those who wished to transform the

300:

imposed a highly centralized management structure, and a tenure- and performance-based incentive structure which was used to discipline distant employees in faraway branches.

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Traditions and innovations: An exploration of the governance structure, business strategy and historical development of the Chinese Shanxi piaohao, 1820s to 1930s. PhD thesis

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grew by taking on a role in advancing funds and arranging foreign loans for provincial governments, issuing notes, and running regional treasuries. The business model of the

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were, furthermore, backed by the government of the Qing dynasty, the officialdom, wealthy merchants and merchant families, and the landowner class. Contact between the

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acquired a vast network of customers throughout China by establishing a widespread network of branch offices to provide their services in more places; furthermore, the

3107: 2418:, reactionary against the Socialist revolution, and that they were very politically unreliable. The CCP hoped to transform the financial sector of China to serve the 30: 3476:

Lloyd Eastman, Family, Fields, and Ancestors: Constancy and Change in China's Social and Economic History, 1550-1949, Oxford University Press (1988), pages 112-114.

910:

1823 the owner gave up the dye business altogether and reorganized the company as a special remittance firm, Rishengchang Piaohao. In the next thirty years, eleven

804:

remain unclear, and money-order services or remittance banks may or may not have existed in one form or another, at least in some regions of China, as early as the

798:

were an early Chinese banking institution were known as Shanxi banks by foreigners because they were owned primarily by Shanxi merchants. The exact origins of the

2264:

collapsed, causing many provinces to declare their secession from the new republic, making China merely into a geographic region rather than a political one. The

307:

who originally began engaging in the monetary business, and they did this often without giving up their original trade. The Shanxi merchants conducted trade in

1372:

grew to become more prominent in the Chinese financial market, they presented a more attractive target for such predation by those in power. Consequently, the

4045: 4356: 1444: 851:. The Rishengchang was founded in 1823 by Li Daquan, the owner of the Xiyucheng, a dyed goods company that would purchase raw materials in the province of 3796: 543:), but some shareholders would guarantee their shares with their office and their expected salary in a system that was known as a person-based share; in 3869: 2866:

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

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of Wuhan, most of which were located in former Hankou, into three bank unions. The banks were allowed to negotiate which union they would join. Seven

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would pay depositors interests of 0.2% to 0.3% per month and lend out money at an interest rate of 0.6% to 0.7% per month. The biggest clients of the

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were strongly represented in the north of China, the Chinese government saw it as only natural that these banks would be chosen to disburse the

2601:), which was a common currency in coastal China, contained 25.56 grams of pure silver; this made one Chinese tael roughly 1.5 Spanish dollars. 2075:

would find that China's social and business environment became more unpredictable as it was expanding. This coincided with the managers of the

2437:

steadily experienced a recovery. The recovery of the private financial sector was crucial for the economy of Hankou following the devastating

2270:

were forced to either liquidate themselves voluntarily or fall into bankruptcy. Various factors were responsible for the ultimate fall of the

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in a very antagonistic light; this was for a myriad of reasons strongly related to their Confucian nature. The leaders of the CCP viewed the

1939:

gave credit for investing in industrialization and infrastructure, such as the construction of factories and railways across China. In fact,

815: 506:), in every large Chinese city. This made the remittance of money easily possible between the head office and all of its branch offices. The 882:) by Li Daquan. It is possible that Lei Lutai had added 20,000 taels of silver. Lei was the first general manager of the Rishengchang, with 1569:

In order to help transfer funds and government revenues through rebel territory, the government of the Qing dynasty sought the help of the

1562:

to rebel forces deprived the Qing of millions of taxpayers and it also cut Beijing off from the remaining provinces and their resources in

426: 2430:. But during the initial phase of the People's Republic of China, the continued existence of the independent private banks was tolerated. 4551: 2442: 1558:

The Taiping Rebellion had a major impact on the ability of the government of the Qing dynasty to collect taxes. The loss of many of its

414:

tended to be very locally run operations and were typically run only by a single family, or a close set of associates. In contrast, the

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

1268:

were responsible for inventing various types of draft and creating more pricing remittance fees based on a diverse range of factors.

718:

An assortment of rules prevented abuses of power by branch insiders such as self-dealing, having side interests which could become a

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would heavily entertain Chinese government officials and feudal nobles. This policy would provide returns in several ways to the

1680:

during this era was very high and they greatly profited from this reputation. A huge number of people deposited their money and

4541: 2520: 1862:). The campaign was instigated by the government of the Qing dynasty to cover their military expenses to continue fighting the 399:

and would engage in business typical of banks such as providing loans, savings accounts with interest, and so forth, while the

2445:. The financial authority of Wuhan introduced more regulations and policies affecting local private banks, including the only 3606: 2151:

and foreign banks or foreign merchants at this time was rather indirect, and passed only through the mediation of the local

1892:

as well as opening more of its ports to foreign traders where extraterritorial rights were granted to foreign enclaves. The

667:

shareholders shared unlimited liabilities, when these changing market forces materialized, many of the shareholders of the

3588:

Vissering G (1914) On Chinese currency: preliminary remarks on the monetary and banking reform in China, vol 2. De Bussy,

2917: 233: 1866:. During the campaign the Chinese government managed to advance 2,600,000 taels of silver for the purchasing of offices. 4298: 781: 3565:"IMPERIAL CHINESE CURRENCY OF THE TAI'PING REBELLION - PART III - CH'ING DYNASTY SILVER TAEL NOTES by John E. Sandrock" 1483:). This changed following the large Taiping Rebellion which affected Chinese society and its government immensely. The 746:) per fiscal cycle. These dividends were huge fortunes for China at the time—comparatively, a county administrator, or 4231: 4205: 4136: 4009: 3564: 3046: 771: 272:. They concentrated on interprovincial remittances, and later on conducting government services. From the time of the 2543:

During the late Ming dynasty period, Chinese people already widely used letters of exchange or money orders known as

368:(typically three or four years) and allowed the shareholders to fire or retain managers and reallocate their shares. 2880:

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

1287:

there were a total of 32 independent banks in operation, with over 400 branch offices spread throughout China. Some

1439:

managed to turn each and every disaster that China faced into a profitable and lucrative business opportunity. The

1489:

began to be trusted by the government to take over various tasks. These included the remittance of funds known as

476:), the operative capital of the banks was much less. The bank reserves were kept in the head office, known as the 4556: 4374: 4369: 4148: 3908: 3841: 1632:

also received many other beneficial business deals from the Chinese government during the Taiping Rebellion. The

1543:(軍餉); or providing funds for the infrastructure of the local Chinese governments. These funds were known as the 405:

would primarily facilitate the sending of remittances, that is, the sending of money, across the Chinese realm.

3864: 2815:

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

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had over 400 branches operating across the territory of the Qing dynasty and branches in other countries like

1390:

also handled "donations" given to the Qing dynasty that bought honorary titles. They also invested in future

1159: 4463: 4093: 2372:, superficially resembled the reforms of the Soviet Union, the CCP would adopt a strategy which they dubbed 2345: 1722: 228:

either closed or were transformed into more modern types of banks. They continued to exist during both the

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also operated. In addition, each province of the Qing dynasty had founded a government bank, known as the

1823:

due to the fact that these animals could cope with the conditions while many other animals could not. The

3029:

nominated a candidate other than his own son as the next general manager, as this system disincentivised

2886:, while only 31 years later immediately following the proclamation of the Republic of China in 1912, the 2753: 4478: 4453: 4433: 4177: 4069: 1898:

were once again tasked with the transfer of funds via bank drafts by the inland provincial governments.

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at a lower cost. The rival banks, both foreign and Chinese, could charge less money for loans than the

1947:.de argues that many of these improvements would not have been possible without financial aid from the 2047: 1819:

to finance inter-city commerce. In Northern China the preferred method of land transportation was the

1690:; these low percentages were in contrast to the very high interest rates that they placed on credits. 1179: 1169: 4473: 4321: 4189: 3610: 2688: 2057: 1940: 1395: 966: 719: 938:

with 475 branches were in business covering most of China, and the central Shanxi region became the

4458: 4438: 4428: 4326: 3903: 2006: 1334: 1243: 1219: 823: 269: 261: 62: 2376:. This model would utilize traditional Chinese cultural influences in the process of implementing 4519: 4392: 4283: 4160: 2593: 2377: 2183:

was over, even if they still had operating capital of more than 200 million taels of silver. The

1775: 887: 883: 2938:

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

1457:

the Chinese provincial governments and the Rishengchang and they averted an impending disaster.

1207: 1034:

would completely restrict their hiring to only a single county. For their hiring practices, the

1231: 1195: 868: 4364: 4336: 3714: 3253: 3249: 2349: 2280: 2223: 1738: 1704: 1539: 1440: 969:

for three generations, the majority of the Chinese magistrates came from other classes of the

921: 872: 273: 1774:

under normal circumstances was to send currency to more distant places in payment for traded

673:

went bankrupt, while some shareholders would turn to investments elsewhere and abandoned the

4488: 4407: 4110: 3775: 3756: 3741: 3718: 3703: 3688: 3528: 3013:

or one of its branch offices strong incentives to look to the long‐run profitability of the

2867: 2696: 2423: 2362: 1881: 1394:

by lending them funds for their travels to the capital city of Beijing, where they took the

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to gain an empire-wide dominance over the Chinese financial sector. Due to this system, the

544: 537:, and dividends were then distributed among them. The most common form of shares was money ( 304: 150: 129: 108: 2207:); the central government of the Qing dynasty, too, had created national banks such as the 2018:

During the latter half of the 19th century, a group of southern Chinese banks known as the

1933:

were crucial players in the modernization of China during the end of the 19th century. The

580:

operated in daily business, mainly with monetary remittances. The remittance fee, known as

4507: 4443: 4270: 3973: 2788:

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

2427: 2398:

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

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continued to be the dominant financial institutions of China until 1900 when more modern

3783:

A History of Modern Shanghai Banking: The Rise and Decline of China's Finance Capitalism

4412: 4143: 4100: 4052: 4040: 4021: 4004: 3211: 2785: 2438: 2341: 1990: 1944: 1806: 1605:) all moved about the territory held by the Qing through interest‐free accounts at the 1322: 879: 513: 320: 170: 160: 153:

who were often originally engaged in other businesses before they entered finance. The

3203: 1581:

again used bank drafts for these monetary transfers. Thereafter, the military budget (

1252:), a company that was formerly operating in the silk business before it became a bank. 4535: 4119: 4088: 4064: 3655: 2772:

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

2301: 2284: 1785: 1050:

but this system also protected them. If a dispute arose between the employee and the

929: 819: 488:). This was also the place where the household of the bank owner was registered. The 324: 1798:

cultivating the business of both Chinese merchants and foreigner traders alike. The

4346: 3932: 3856: 3829: 3709:

Mo Zongtong (莫宗通) (1997). "Piaohao (票號)", in Men Kui (門巋), Zhang Yanjin (張燕瑾), ed.

2357: 2216: 2112:

would still allow them a superior position during this era, as many of the smaller

1977:), of bonds like the Zhaoxin share from the year 1898, which was also known as the 1885: 1795: 1041:

ensured both the loyalty and total honesty of the employees that were hired by the

1008: 954: 925: 827: 805: 785: 137: 47: 2630:

were discounted when traded, but there is no evidence to support this hypothesis.

1107:

were so intertwined with the financial business that they received nicknames like

3023:

of their successors. According to some reports, the first general manager of the

2081:

reaching the zenith of their competence; the highly centralized structure of the

1525:); providing services such as the advanced payment for imperial troops, known as 294:

gave very little protection to the capital of the shareholders; furthermore, the

276:, when transportation routes between the capital and the provinces were cut off, 4483: 4397: 4341: 4331: 4316: 4131: 3034: 2606: 2589: 2419: 2415: 2411: 2261: 1837: 1768:

were greatly expanded to accommodate this demand. The principal function of the

1559: 1449: 1330: 878:

The Rishengchang was capitalized with 300,000 taels of silver (or about 450,000

696: 365: 308: 265: 190: 652:

business model was the assaying of silver and the production of silver ingots (

183:

started being created by both the imperial and provincial governments, and the

3959: 3942: 2981: 2621: 2524: 1433:

While the 19th century was a disastrous time period for the Qing dynasty, the

383: 189:

benefitted more from their close ties with foreign banks operating in Chinese

165: 4311: 3684: 3603:

The making of a hinterland: state, society and economy in inland North China

3589: 2987:

The second fund was used to pay interest to the capital shareholders of the

2617: 831: 216: 2392:

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

1361:

In Qing China both the feudal nobility and the government bureaucrats were

303:

The history of the dominant houses in the Shanxi banking shows that it was

17: 2441:

that affected mainland China during the aftermath of World War II and the

2042:), was created by local traders and merchants in the southern province of 742:, 1880 to 1900, their paid out dividends averaged 12,000 taels (or 18,000 4402: 3951: 3771: 3752: 3737: 3679:

Hong Pu (洪璞) (1998). "Shanxi piaohao (山西票號)", in Tang Jiahong (唐嘉弘), ed.

3656:"A City of Commerce and its Native Banks: Hankou Qianzhuang (1800s-1952)" 3070: 3030: 2283:. Rival commercial Chinese banks gained similar flexibility under a 1901 2171: 2043: 1957: 1810: 1306: 940: 860: 393:

banking companies grew out of the money-changing businesses known as the

2794:

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

733:

in Shanxi before it was forwarded to the family of the branch employee.

628:). Local differences in the value of silver ingots could be used by the 4468: 4257: 4172: 3767: 3733: 3699: 3524: 3507: 3490: 2967: 2926:

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

2871: 1471:

were the Chinese merchants who conducted interregional trade, known as

1326: 1310: 917: 864: 856: 852: 844: 723: 312: 51: 4384: 4288: 4278: 4247: 4155: 4076: 4028: 3790: 3786: 3747:

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

2803:

When modern banks started entering the Hankou scene, both the Hankou

2434: 2032: 1681: 1318: 1314: 848: 443: 316: 208: 113: 3443: 2127:

founded the common office, the Shanghai Banking Association, or the

622:) per 100 taels of silver that was being remitted, or only 1 tael ( 4448: 4184: 4016: 3542:

The Heritage of Chinese Civilization, Third Edition, Prentice Hall

2528: 2452: 2174:

in 1900 following the occupation of the former by foreign powers.

1889: 1850:

benefitted greatly from the "great contribution campaign", or the

1820: 1747:), or they advanced money for the purchase of a vacancy, known as 1443:

stipulated that the government of the Qing dynasty had to pay the

1298: 1191:

The members of the Pingyao-based Five United Weizi Banks include:

1013: 780: 512:

had branches throughout China, but the core area of operation was

422: 212: 204: 200: 133: 29: 3101: 2920:

under the Chinese Communist Party was established, only a single

2470:

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

4216: 4105: 2624:(%). There exists the possibility that the papers issued by the 2005:). They also issued shares themselves which did, as that of the 1684:. This was done in spite of the low interest rates given by the 1302: 658:); these silver ingots are commonly known in English as sycees. 439: 4220: 3800: 1028:

would only hire people from the province of Shanxi while other

988:

were merchants and various wealthy individuals, especially the

429:

under heavy guard across great distances, bringing many risks.

282:

began involvement with the delivery of government tax revenue.

3694:

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

2239:

when they started to penetrate the Chinese remittance market.

1674:), state officials, or private persons. The reputation of the 902: 3248:

Randall Morck; Fan Yang (12 April 2010). "The Shanxi Banks".

2910:. Only two years later, in 1933, the number of active Hankou 1178:), a bank based on the Chinese tea trade, or the Taigu-based 323:; it is suspected that the Shanxi merchants had observed how 2170:

directly financed the Qing court as it fled from Beijing to

1358:, 'Financial exchange all over the world'), for many years. 3437: 3435: 3433: 3431: 3429: 3427: 3425: 3423: 3421: 3419: 3417: 3415: 3413: 3411: 3409: 3407: 3405: 3403: 3401: 3399: 3397: 3395: 3393: 3391: 3389: 3387: 3385: 3383: 3381: 3379: 3377: 3375: 3373: 3371: 3369: 3367: 3365: 3363: 3361: 3359: 3357: 3355: 3353: 3351: 3349: 3347: 3345: 3343: 3341: 3339: 3337: 3335: 3333: 3331: 3329: 3327: 3325: 3323: 3321: 3319: 3317: 3315: 3313: 3311: 3309: 3307: 3305: 3303: 3301: 3299: 3297: 3295: 3293: 3291: 3289: 3287: 3285: 3283: 2695:

and Hubu Guanpiao banknotes issued during the reign of the

2616:

for loans. Monthly interest rates were calculated based on

3649: 3647: 3645: 3643: 3641: 3639: 3558: 3556: 3554: 3552: 3550: 3281: 3279: 3277: 3275: 3273: 3271: 3269: 3267: 3265: 3263: 2892:

only numbered five. However, in 1923 the number of Hankou

2189:

had gradually taken over the fields of business where the

1340:

The Beijing branch of the Rishengchang had a large plate (

3774:: Zhongguo da baike quanshu chubanshe), Vol. 2, 712. (in 3740:: Zhongguo da baike quanshu chubanshe), Vol. 2, 751. (in 3637: 3635: 3633: 3631: 3629: 3627: 3625: 3623: 3621: 3619: 2386:

would maintain their strong traditional identity, but as

1062:

to make sure that the manager was not impugned unjustly.

327:

banking works there and attempted to emulate it, but the

3197: 3195: 3193: 3191: 3189: 3187: 3185: 3183: 3181: 3179: 3177: 3175: 3173: 3171: 3169: 3167: 3165: 3163: 3161: 3159: 3157: 3155: 3153: 3151: 3149: 3147: 3145: 1004:

would also record loans made from one party to another.

246:

and the rest of the Chinese financial industry in 1952.

3143: 3141: 3139: 3137: 3135: 3133: 3131: 3129: 3127: 3125: 2443:

retreat of the Nationalist Chinese government to Taiwan

1715:), and the great merchant houses of China. Finally the 1662:), to the local government, which were then called the 843:, Rishengchang, originated from Xiyuecheng Dye Company 634:

for profits by arbitrage businesses; this was known as

3243: 3241: 3239: 3237: 3235: 3233: 3231: 3229: 2984:" harmed the bank's earnings during this fiscal year. 2592:

had been long abandoned in China and various types of

2414:

and claimed that private banks were anti-progressive,

1152:) in Shanxi were the Pingyao-based Rishengchang Bank ( 3472: 3470: 3468: 3466: 3464: 3095: 3093: 3091: 3089: 3087: 3085: 3083: 3024: 3014: 3008: 2995: 2988: 2971: 2960: 2953: 2939: 2933: 2927: 2921: 2911: 2905: 2899: 2898:

would increase to nine. In 1931 the number of Hankou

2893: 2887: 2881: 2875: 2861: 2855: 2848: 2842: 2829: 2823: 2816: 2810: 2804: 2795: 2789: 2779: 2773: 2767: 2761: 2747: 2741: 2727: 2721: 2710: 2703: 2676: 2664: 2652: 2640: 2634: 2625: 2611: 2580: 2568: 2544: 2534: 2511: 2501: 2495: 2489: 2483: 2477: 2471: 2462: 2456: 2446: 2405: 2399: 2393: 2387: 2381: 2367: 2329: 2320: 2314: 2308: 2295: 2289: 2271: 2265: 2253:

closed or were transformed into more modern types of

2248: 2234: 2227: 2196: 2190: 2184: 2178: 2165: 2152: 2146: 2140: 2128: 2122: 2113: 2107: 2101: 2094: 2088: 2082: 2076: 2070: 2019: 1994: 1978: 1966: 1960: 1948: 1934: 1928: 1919: 1912: 1903: 1893: 1871: 1851: 1845: 1830: 1829:

employed camels in the north for transportation. The

1824: 1814: 1799: 1789: 1779: 1769: 1763: 1748: 1726: 1716: 1702: 1685: 1675: 1663: 1651: 1639: 1633: 1627: 1618: 1612: 1606: 1600: 1594: 1588: 1582: 1576: 1570: 1544: 1526: 1514: 1502: 1490: 1484: 1472: 1466: 1434: 1424: 1414: 1408: 1402: 1385: 1379: 1373: 1367: 1347: 1288: 1282: 1272: 1263: 1257: 1141: 1132: 1120: 1108: 1088: 1081: 1071: 1057: 1051: 1042: 1035: 1029: 1023: 1017: 999: 993: 983: 977: 959: 948: 933: 911: 895: 838: 809: 799: 793: 757: 747: 737: 728: 710: 704: 690: 683: 674: 668: 662: 647: 635: 629: 605: 593: 581: 575: 560: 548: 532: 520: 507: 495: 489: 477: 465: 453: 447: 433: 415: 409: 400: 394: 388: 376: 355: 343: 337: 328: 295: 289: 283: 277: 255: 241: 223: 194: 184: 174: 154: 144: 96: 84: 72: 35: 4058:

Chartered Mercantile Bank of India, London and China

2226:

it became very common for the branch offices of the

1501:) to other Chinese provinces, in a process known as 4421: 4383: 4355: 4297: 4269: 3995: 3972: 3950: 3941: 3921: 3896: 3880: 3855: 3848: 3519:Liu Jianmin (劉建民), Wang Xuenong (王雪農), ed. (2001), 3502:Shanxi Provincial Academy of Social Sciences, ed., 932:. By the end of the nineteenth century, thirty-two 715:remained fraud-free during their entire existence. 519:Every three or four years, an account known as the 3067:Chapters and Documents on Chinese National Banking 2689:monetary system of the (early) Qing dynasty period 2639:issued their own paper bills, which were known as 2488:would form the first banking union, five Zhe-Bang 2319:were operating. As more chaos affected China, the 1638:offered the deposit of funds, which were known as 1140:The most important of the three banking groups or 452:reserved an amount of capital protected, known as 2360:reforms. While many of the reforms affecting the 3108:London School of Economics and Political Science 2455:financial authority placed all banks, including 1813:to China, the Chinese economy relied heavily on 1056:, the guarantor undertook negotiations with the 2354:establishment of the People's Republic of China 1366:parties to redress these confiscations. As the 916:were established in Shanxi province, including 438:ranged from about 20,000 to as much as 500,000 46:, "Financial exchange all over the world"), in 3724:Tang Chuansi (唐傳泗) (1992). "Piaohao (票號)", in 2620:(‰) while annual interest rates were based on 4232: 3812: 3702:: Jingji guanli chubanshe), Vol. 1, 227. (in 2874:, right next to Hankou, the number of Hankou 2682: 2670: 2658: 2646: 2574: 2562: 2556: 2550: 2202: 2134: 2061: 2051: 2037: 2025: 2010: 2000: 1984: 1972: 1857: 1754: 1742: 1732: 1710: 1669: 1657: 1645: 1550: 1532: 1520: 1508: 1496: 1478: 1384:would directly finance its expenditures. The 1353: 1341: 1247: 1235: 1223: 1211: 1199: 1183: 1173: 1163: 1153: 1147: 1137:helped promote interregional trade in China. 1126: 1114: 1099:), which is how they came to be known as the 1094: 653: 641: 623: 617: 611: 599: 587: 566: 554: 538: 526: 501: 483: 471: 459: 349: 342:were founded based on a joint investment, or 119: 102: 90: 78: 66: 41: 8: 4046:Chartered Bank of India, Australia and China 3510:: Shanxi jingji chubanshe, 1992), pp. 36-39. 3493:: Shanxi jingji chubanshe, 1992), pp. 36-39. 2604:The monthly interest rates were usually 2-3 1693:Credits were also given to smaller banks in 3762:Zhang Guohui (張國輝) (1988). "Piaohao (票號)", 2916:had been reduced to two. By 1949, when the 1902:Modernisation of China and the role of the 4239: 4225: 4217: 3947: 3852: 3819: 3805: 3797: 2500:formed the second banking union, and five 2433:During the year 1950 the private banks of 2356:in 1949, the CCP started introducing many 531:) was provided to the shareholders of the 71:, literally 'draft banks'), also known as 3442:Randall Morck; Fan Yang (12 April 2010). 2904:was at 150 compared to only seven Hankou 1880:Following the foreign victory during the 1419:to stay in the government's good graces. 1012:these societal factors, Chinese merchant 3717:: Guoji wenhua chuban gongsi), 102. (in 3681:Zhongguo gudai dianzhang zhidu da cidian 3007:This system gave retiring managers of a 2276:following the fall of the Qing dynasty. 1346:) above its main entrance with the text 3904:Chekiang Provincial and Industrial Bank 3058: 1788:tael notes through their services. The 432:The height of the capital stock of the 3755:: Liaoning renmin chubanshe), 85. (in 3687:: Zhongzhou guji chubanshe), 668. (in 2380:. During this transitional period the 1989:), or the bonds issued to finance the 1293:also had branch offices abroad in the 132:, were a type of bank that existed in 4082:Comptoir national d'escompte de Paris 2976:(literally 'God of wealth account'). 151:merchants from the province of Shanxi 7: 4514: 2118:would often borrow money from them. 1650:), and credits, which were known as 1599:), and provincial indemnity levies ( 1465:The most important customers of the 1396:Confucian civil service examinations 2965:(literally 'pension account') or a 2093:faced. During this time period the 1809:. Prior to the introduction of the 822:' financial centre being in remote 1794:were often active in the assigned 894:From 1823 to the early 1840s, the 427:strings of copper-alloy cash coins 25: 4125:International Banking Corporation 3527:: Zhonghua shuju), page 186. (in 1188:), who were former silk traders. 1022:for their hiring practices. Many 646:). Another important part of the 250:Structure and business strategies 4513: 4502: 4501: 4183: 4171: 4154: 4142: 4130: 4118: 4099: 4087: 4075: 4063: 4051: 4039: 4027: 4015: 4003: 3828: 3202:Ulrich Theobald (24 June 2016). 2506:formed the third banking union. 2260:Following the Xinhai Revolution 2046:. These were, for instance, the 944:financial centre of Qing China. 920:and the neighboring counties of 855:and ran stores in the cities of 788:, the first draft bank in China. 27:Historical Chinese banking model 3521:Zhongguo Shanxi minjian piaotie 2521:Paper money of the Qing dynasty 1701:, pawnshops that were known as 375:A major difference between the 311:and would travel north through 3696:Zhongguo jinrong baike quanshu 3607:University of California Press 2870:which occurred in the city of 2746:succeeded in Hankou while the 2539:in the year Guangxu 16 (1890). 2177:Around 1900 the heyday of the 976:During their early years, the 34:Royal inscribed board, saying 1: 2740:In an attempt to see why the 2691:", as well as for the failed 2106:, the financial power of the 2030:), which were usually called 1965:offered the subscription, or 1602:gesheng ding'e tanpai waizhai 1401:The Beijing branches of many 816:China's long economic history 4562:Banks disestablished in 1952 3766:(中國大百科全書), Jingjixue (經濟學) ( 2948:Jade parachutes and pensions 2561:) as a means of remittance ( 1461:During the Taiping Rebellion 1278:from the same area as them. 360:only had a single investor. 236:until they were all finally 4206:History of banking in China 4137:Netherlands Trading Society 4010:Asiatic Banking Corporation 3842:Banking in the Qing dynasty 3047:History of banking in China 3025: 3015: 3009: 2996: 2989: 2972: 2961: 2954: 2940: 2934: 2928: 2922: 2912: 2906: 2900: 2894: 2888: 2882: 2876: 2862: 2856: 2849: 2843: 2830: 2824: 2817: 2811: 2805: 2796: 2790: 2780: 2774: 2768: 2762: 2748: 2742: 2728: 2722: 2711: 2704: 2677: 2665: 2653: 2641: 2635: 2626: 2612: 2581: 2569: 2545: 2535: 2512: 2502: 2496: 2490: 2484: 2478: 2472: 2463: 2457: 2447: 2406: 2400: 2394: 2388: 2382: 2368: 2330: 2321: 2315: 2309: 2296: 2290: 2272: 2266: 2249: 2247:After 1912 practically all 2243:After the Xinhai Revolution 2235: 2228: 2197: 2191: 2185: 2179: 2166: 2153: 2147: 2141: 2129: 2123: 2114: 2108: 2102: 2095: 2089: 2083: 2077: 2071: 2020: 1995: 1979: 1967: 1961: 1949: 1935: 1929: 1920: 1913: 1904: 1894: 1876:during the Second Opium War 1872: 1852: 1846: 1831: 1825: 1815: 1800: 1790: 1780: 1770: 1764: 1749: 1727: 1717: 1703: 1686: 1676: 1664: 1652: 1640: 1634: 1628: 1619: 1613: 1607: 1601: 1595: 1589: 1583: 1577: 1571: 1545: 1527: 1515: 1503: 1491: 1485: 1473: 1467: 1435: 1425: 1415: 1409: 1403: 1386: 1380: 1374: 1368: 1348: 1289: 1283: 1273: 1264: 1258: 1142: 1133: 1121: 1109: 1089: 1082: 1072: 1058: 1052: 1043: 1036: 1030: 1024: 1018: 1009:society of the Qing dynasty 1000: 994: 984: 978: 960: 949: 934: 912: 896: 839: 810: 800: 794: 772:History of banking in China 758: 748: 738: 729: 711: 705: 691: 684: 675: 669: 663: 648: 636: 630: 606: 594: 582: 576: 561: 549: 533: 521: 508: 496: 490: 478: 466: 454: 448: 434: 416: 410: 401: 395: 389: 377: 356: 344: 338: 329: 296: 290: 284: 278: 268:, where the owners carried 256: 242: 224: 222:After 1912 practically all 195: 185: 175: 155: 145: 97: 85: 73: 36: 4578: 4552:Financial history of China 3000:as well as its expansion. 2918:People's Republic of China 2800:would continue to strive. 2752:(or Shanxi banks) failed, 2518: 2340:Following the takeover of 1993:, which were known as the 1429:during the First Opium War 967:civil service examinations 769: 727:by the head office of the 616:). It was either 2 taels ( 446:, yet because most of the 354:). Only a small number of 234:People's Republic of China 193:. During their heyday the 169:were mostly active in the 140:until approximately 1952. 4547:Economic history of China 4497: 4375:Taiyuan Normal University 4370:Shanxi Medical University 4255: 4198: 4149:Oriental Bank Corporation 3909:Kwangtung Provincial Bank 3839: 3834:Banks of the Qing dynasty 3764:Zhongguo da baike quanshu 3726:Zhongguo da baike quanshu 3711:Zhonghua guocui da cidian 3563:John E. Sandrock (1997). 2683: 2671: 2659: 2647: 2575: 2563: 2557: 2551: 2378:radical Socialist changes 2203: 2135: 2062: 2052: 2038: 2026: 2011: 2001: 1985: 1973: 1924:as a remittance service. 1911:By the 19th century, the 1858: 1755: 1743: 1733: 1711: 1670: 1658: 1646: 1551: 1533: 1521: 1509: 1497: 1479: 1354: 1342: 1281:During the heyday of the 1248: 1236: 1224: 1212: 1200: 1184: 1174: 1164: 1154: 1148: 1127: 1115: 1095: 736:During the height of the 654: 642: 624: 618: 612: 600: 588: 567: 555: 539: 527: 502: 494:tended to have branches, 484: 472: 460: 350: 120: 103: 91: 79: 67: 42: 3865:Ta-Ching Government Bank 3570:. The Currency Collector 2693:Great Qing Treasure Note 2426:into a state-controlled 2424:Mainland Chinese economy 2209:Commercial Bank of China 1864:Taiping Heavenly Kingdom 947:During stable times the 762:could change over time. 4464:Pagoda of Fogong Temple 4094:Deutsch-Asiatische Bank 3654:Yun Liu (August 2013). 2994:the development of the 2533:A banknote issued by a 2476:and the sole remaining 2346:Chinese Communist Party 2307:The main income of the 1723:office selling business 1697:that were known as the 1160:Five United Weizi Banks 1131:, 'moneylenders'). The 333:remained quite unique. 230:early Republic of China 4542:Defunct banks of China 3987:National Bank of China 3982:Imperial Bank of China 3888:Bank of Communications 3544:(2011), pages 101-103. 3504:Shanxi piaohao shiliao 2540: 2213:Bank of Communications 2130:Shanghai huiye gongsuo 1611:, which lent at seven 789: 387:was the fact that the 159:were mostly active in 55: 4479:Tianlongshan Grottoes 4454:Mengshan Giant Buddha 4070:City Bank of New York 4034:Banque de l'Indochine 3749:Zhonghua baike yaolan 3208:票號, the Shanxi Banks" 2610:for deposits and 6-7 2532: 2451:in the city. The new 2410:as part of the hated 2366:banks, including the 1158:), the Pingyao-based 998:had connections. The 837:The first documented 784: 33: 4474:Qiao Family Compound 4469:Pingyao Ancient City 4190:Yokohama Specie Bank 2720:Differences between 2594:commodity currencies 2588:By the 19th century 2510:Banknotes issued by 2374:cultural positioning 2300:while paying higher 1836:to make advances to 1168:), the Qixian-based 720:conflict of interest 262:single proprietaries 4439:Great Wall of China 4429:Bianjing Drum Tower 4422:Visitor attractions 3881:National government 3781:Zhaojin Ji (2003). 2828:in a report to his 2288:established by the 1737:), of Qing dynasty 1335:colony of Singapore 270:unlimited liability 63:Traditional Chinese 4393:Zhongyuan Mandarin 4165:Russo-Asiatic Bank 4161:Russo-Chinese Bank 3601:Pomeranz K (1993) 3487:Shanxi piaohao shi 3444:"The Shanxi Banks" 3075:Shangwu yinshuguan 2541: 1776:goods and services 1725:—the purchase, or 1560:southern provinces 790: 679:model altogether. 260:were organized as 56: 4529: 4528: 4365:Shanxi University 4337:Taihang Mountains 4322:Lüliang Mountains 4214: 4213: 4178:Sino-Belgian Bank 3968: 3967: 3917: 3916: 3540:Albert M. Craig, 3100:Wu, Meng (2016). 2350:Chinese Civil War 2348:(CCP) during the 2281:limited liability 2224:Xinhai Revolution 1943:from the website 1441:Treaty of Nanking 1333:; or the British 1119:, 'changers') or 873:currency exchange 830:, rather than in 305:merchant families 274:Taiping Rebellion 16:(Redirected from 4569: 4557:Banking in China 4517: 4516: 4505: 4504: 4489:Yungang Grottoes 4408:Shanxi merchants 4241: 4234: 4227: 4218: 4188: 4187: 4176: 4175: 4159: 4158: 4147: 4146: 4135: 4134: 4123: 4122: 4111:HSBC (Hong Kong) 4104: 4103: 4092: 4091: 4080: 4079: 4068: 4067: 4056: 4055: 4044: 4043: 4032: 4031: 4020: 4019: 4008: 4007: 3974:Commercial banks 3948: 3926:("Shanxi banks") 3897:Provincial banks 3853: 3849:Government banks 3833: 3832: 3821: 3814: 3807: 3798: 3776:Mandarin Chinese 3757:Mandarin Chinese 3742:Mandarin Chinese 3719:Mandarin Chinese 3704:Mandarin Chinese 3689:Mandarin Chinese 3667: 3666: 3664: 3662: 3651: 3614: 3599: 3593: 3586: 3580: 3579: 3577: 3575: 3569: 3560: 3545: 3538: 3532: 3529:Mandarin Chinese 3517: 3511: 3500: 3494: 3483: 3477: 3474: 3459: 3458: 3456: 3454: 3439: 3258: 3257: 3245: 3224: 3223: 3221: 3219: 3199: 3120: 3119: 3117: 3115: 3097: 3078: 3063: 3028: 3018: 3012: 2999: 2992: 2975: 2964: 2957: 2943: 2937: 2931: 2925: 2915: 2909: 2903: 2897: 2891: 2885: 2879: 2868:Wuchang Uprising 2865: 2859: 2852: 2846: 2841:Both the Hankou 2833: 2827: 2820: 2814: 2808: 2799: 2793: 2783: 2777: 2771: 2765: 2751: 2745: 2731: 2725: 2714: 2707: 2697:Xianfeng Emperor 2686: 2685: 2680: 2674: 2673: 2668: 2662: 2661: 2656: 2650: 2649: 2644: 2638: 2629: 2615: 2584: 2578: 2577: 2572: 2566: 2565: 2560: 2559: 2554: 2553: 2548: 2538: 2515: 2505: 2499: 2493: 2487: 2481: 2475: 2466: 2460: 2450: 2409: 2403: 2397: 2391: 2385: 2371: 2333: 2324: 2318: 2312: 2299: 2293: 2275: 2269: 2255:commercial banks 2252: 2238: 2231: 2206: 2205: 2200: 2194: 2188: 2182: 2169: 2156: 2150: 2144: 2138: 2137: 2132: 2126: 2117: 2111: 2105: 2098: 2092: 2086: 2080: 2074: 2065: 2064: 2055: 2054: 2048:Yuanfengrun Bank 2041: 2040: 2029: 2028: 2023: 2014: 2013: 2004: 2003: 1998: 1988: 1987: 1982: 1976: 1975: 1970: 1964: 1952: 1938: 1932: 1923: 1916: 1907: 1897: 1882:Second Opium War 1875: 1861: 1860: 1855: 1849: 1834: 1828: 1818: 1803: 1793: 1783: 1773: 1767: 1758: 1757: 1752: 1746: 1745: 1736: 1735: 1730: 1720: 1714: 1713: 1708: 1689: 1679: 1673: 1672: 1667: 1661: 1660: 1655: 1649: 1648: 1643: 1637: 1631: 1622: 1616: 1610: 1604: 1598: 1592: 1586: 1580: 1574: 1554: 1553: 1548: 1536: 1535: 1530: 1524: 1523: 1518: 1512: 1511: 1506: 1500: 1499: 1494: 1488: 1482: 1481: 1476: 1470: 1438: 1428: 1418: 1412: 1406: 1389: 1383: 1377: 1371: 1357: 1356: 1351: 1345: 1344: 1309:, the cities of 1292: 1286: 1276: 1267: 1261: 1251: 1250: 1239: 1238: 1227: 1226: 1215: 1214: 1203: 1202: 1187: 1186: 1180:Zhichengxin Bank 1177: 1176: 1170:Heshengyuan Bank 1167: 1166: 1157: 1156: 1151: 1150: 1145: 1136: 1130: 1129: 1124: 1118: 1117: 1112: 1105:Shanxi merchants 1098: 1097: 1092: 1085: 1075: 1061: 1055: 1046: 1039: 1033: 1027: 1021: 1003: 997: 987: 981: 971:four occupations 963: 952: 937: 915: 899: 842: 813: 803: 797: 761: 751: 741: 732: 714: 708: 694: 687: 678: 672: 666: 657: 656: 651: 645: 644: 639: 633: 627: 626: 621: 620: 615: 614: 609: 603: 602: 597: 591: 590: 585: 579: 570: 569: 564: 558: 557: 552: 547:this was called 545:Mandarin Chinese 542: 541: 536: 530: 529: 524: 511: 505: 504: 499: 493: 487: 486: 481: 475: 474: 469: 463: 462: 457: 451: 437: 419: 413: 404: 398: 392: 380: 359: 353: 352: 347: 341: 332: 299: 293: 287: 281: 259: 245: 227: 198: 188: 181:commercial banks 178: 158: 149:were started by 148: 123: 122: 109:Mandarin Chinese 106: 105: 100: 94: 93: 88: 82: 81: 76: 70: 69: 45: 44: 39: 21: 4577: 4576: 4572: 4571: 4570: 4568: 4567: 4566: 4532: 4531: 4530: 4525: 4493: 4444:Hukou Waterfall 4417: 4379: 4351: 4293: 4265: 4251: 4245: 4215: 4210: 4194: 4182: 4170: 4153: 4141: 4129: 4117: 4098: 4086: 4074: 4062: 4050: 4038: 4026: 4014: 4002: 3991: 3964: 3937: 3925: 3913: 3892: 3876: 3844: 3835: 3827: 3825: 3683:(中國古代典章制度大辭典) ( 3676: 3671: 3670: 3660: 3658: 3653: 3652: 3617: 3600: 3596: 3587: 3583: 3573: 3571: 3567: 3562: 3561: 3548: 3539: 3535: 3518: 3514: 3501: 3497: 3485:Huang Jianhui, 3484: 3480: 3475: 3462: 3452: 3450: 3441: 3440: 3261: 3247: 3246: 3227: 3217: 3215: 3201: 3200: 3123: 3113: 3111: 3099: 3098: 3081: 3064: 3060: 3055: 3043: 3033:in favour of a 2950: 2847:and the Hankou 2809:and the Hankou 2778:nor the Hankou 2738: 2733: 2527: 2517: 2428:planned economy 2245: 2198:guanyin qianhao 2162:Boxer Rebellion 2058:Yishanyuan Bank 2021:nanbang piaohao 1991:Boxer Indemnity 1941:Ulrich Theobald 1909: 1878: 1695:southeast China 1564:Southwest China 1463: 1431: 1349:Huitong Tianxia 1103:to foreigners. 1077: 779: 774: 768: 744:Spanish dollars 315:to cities like 252: 37:Huitong Tianxia 28: 23: 22: 15: 12: 11: 5: 4575: 4573: 4565: 4564: 4559: 4554: 4549: 4544: 4534: 4533: 4527: 4526: 4524: 4523: 4511: 4498: 4495: 4494: 4492: 4491: 4486: 4481: 4476: 4471: 4466: 4461: 4456: 4451: 4446: 4441: 4436: 4431: 4425: 4423: 4419: 4418: 4416: 4415: 4410: 4405: 4400: 4395: 4389: 4387: 4381: 4380: 4378: 4377: 4372: 4367: 4361: 4359: 4353: 4352: 4350: 4349: 4344: 4339: 4334: 4329: 4324: 4319: 4314: 4309: 4303: 4301: 4295: 4294: 4292: 4291: 4286: 4281: 4275: 4273: 4267: 4266: 4256: 4253: 4252: 4246: 4244: 4243: 4236: 4229: 4221: 4212: 4211: 4209: 4208: 4203: 4199: 4196: 4195: 4193: 4192: 4180: 4168: 4167: 4166: 4151: 4139: 4127: 4115: 4114: 4113: 4096: 4084: 4072: 4060: 4048: 4036: 4024: 4022:Bank of Taiwan 4012: 3999: 3997: 3993: 3992: 3990: 3989: 3984: 3978: 3976: 3970: 3969: 3966: 3965: 3963: 3962: 3956: 3954: 3945: 3939: 3938: 3936: 3935: 3929: 3927: 3919: 3918: 3915: 3914: 3912: 3911: 3906: 3900: 3898: 3894: 3893: 3891: 3890: 3884: 3882: 3878: 3877: 3875: 3874: 3873: 3872: 3861: 3859: 3850: 3846: 3845: 3840: 3837: 3836: 3826: 3824: 3823: 3816: 3809: 3801: 3795: 3794: 3779: 3760: 3745: 3730:Zhongguo lishi 3722: 3707: 3692: 3675: 3672: 3669: 3668: 3615: 3594: 3581: 3546: 3533: 3512: 3495: 3478: 3460: 3259: 3225: 3212:Chinaknowledge 3121: 3079: 3077:, 1917), p. 3. 3057: 3056: 3054: 3051: 3050: 3049: 3042: 3039: 2949: 2946: 2737: 2734: 2732: 2718: 2599:piece of eight 2516: 2508: 2439:hyperinflation 2342:mainland China 2302:interest rates 2244: 2241: 1996:gengzi beikuan 1980:Zhaoxin gupiao 1945:Chinaknowledge 1908: 1900: 1877: 1868: 1807:carrier pigeon 1721:took over the 1593:), sales tax ( 1462: 1459: 1445:United Kingdom 1430: 1421: 1254: 1253: 1241: 1229: 1217: 1205: 1090:Shanxi piaohao 1076: 1068: 992:with whom the 953:were based on 867:, and others. 814:were, despite 778: 775: 767: 764: 514:northern China 321:St. Petersburg 251: 248: 240:alongside the 161:northern China 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 4574: 4563: 4560: 4558: 4555: 4553: 4550: 4548: 4545: 4543: 4540: 4539: 4537: 4522: 4521: 4512: 4510: 4509: 4500: 4499: 4496: 4490: 4487: 4485: 4482: 4480: 4477: 4475: 4472: 4470: 4467: 4465: 4462: 4460: 4457: 4455: 4452: 4450: 4447: 4445: 4442: 4440: 4437: 4435: 4432: 4430: 4427: 4426: 4424: 4420: 4414: 4411: 4409: 4406: 4404: 4401: 4399: 4396: 4394: 4391: 4390: 4388: 4386: 4382: 4376: 4373: 4371: 4368: 4366: 4363: 4362: 4360: 4358: 4354: 4348: 4345: 4343: 4340: 4338: 4335: 4333: 4330: 4328: 4325: 4323: 4320: 4318: 4315: 4313: 4310: 4308: 4305: 4304: 4302: 4300: 4296: 4290: 4287: 4285: 4282: 4280: 4277: 4276: 4274: 4272: 4268: 4263: 4259: 4254: 4249: 4242: 4237: 4235: 4230: 4228: 4223: 4222: 4219: 4207: 4204: 4201: 4200: 4197: 4191: 4186: 4181: 4179: 4174: 4169: 4164: 4163: 4162: 4157: 4152: 4150: 4145: 4140: 4138: 4133: 4128: 4126: 4121: 4116: 4112: 4109: 4108: 4107: 4102: 4097: 4095: 4090: 4085: 4083: 4078: 4073: 4071: 4066: 4061: 4059: 4054: 4049: 4047: 4042: 4037: 4035: 4030: 4025: 4023: 4018: 4013: 4011: 4006: 4001: 4000: 3998: 3996:Foreign banks 3994: 3988: 3985: 3983: 3980: 3979: 3977: 3975: 3971: 3961: 3958: 3957: 3955: 3953: 3949: 3946: 3944: 3940: 3934: 3931: 3930: 3928: 3924: 3920: 3910: 3907: 3905: 3902: 3901: 3899: 3895: 3889: 3886: 3885: 3883: 3879: 3871: 3868: 3867: 3866: 3863: 3862: 3860: 3858: 3854: 3851: 3847: 3843: 3838: 3831: 3822: 3817: 3815: 3810: 3808: 3803: 3802: 3799: 3792: 3788: 3784: 3780: 3777: 3773: 3769: 3765: 3761: 3758: 3754: 3750: 3746: 3743: 3739: 3735: 3731: 3727: 3723: 3720: 3716: 3712: 3708: 3705: 3701: 3697: 3693: 3690: 3686: 3682: 3678: 3677: 3673: 3657: 3650: 3648: 3646: 3644: 3642: 3640: 3638: 3636: 3634: 3632: 3630: 3628: 3626: 3624: 3622: 3620: 3616: 3612: 3608: 3605:, 1853–1937. 3604: 3598: 3595: 3591: 3585: 3582: 3566: 3559: 3557: 3555: 3553: 3551: 3547: 3543: 3537: 3534: 3530: 3526: 3522: 3516: 3513: 3509: 3505: 3499: 3496: 3492: 3488: 3482: 3479: 3473: 3471: 3469: 3467: 3465: 3461: 3449: 3445: 3438: 3436: 3434: 3432: 3430: 3428: 3426: 3424: 3422: 3420: 3418: 3416: 3414: 3412: 3410: 3408: 3406: 3404: 3402: 3400: 3398: 3396: 3394: 3392: 3390: 3388: 3386: 3384: 3382: 3380: 3378: 3376: 3374: 3372: 3370: 3368: 3366: 3364: 3362: 3360: 3358: 3356: 3354: 3352: 3350: 3348: 3346: 3344: 3342: 3340: 3338: 3336: 3334: 3332: 3330: 3328: 3326: 3324: 3322: 3320: 3318: 3316: 3314: 3312: 3310: 3308: 3306: 3304: 3302: 3300: 3298: 3296: 3294: 3292: 3290: 3288: 3286: 3284: 3282: 3280: 3278: 3276: 3274: 3272: 3270: 3268: 3266: 3264: 3260: 3255: 3251: 3244: 3242: 3240: 3238: 3236: 3234: 3232: 3230: 3226: 3213: 3209: 3207: 3198: 3196: 3194: 3192: 3190: 3188: 3186: 3184: 3182: 3180: 3178: 3176: 3174: 3172: 3170: 3168: 3166: 3164: 3162: 3160: 3158: 3156: 3154: 3152: 3150: 3148: 3146: 3144: 3142: 3140: 3138: 3136: 3134: 3132: 3130: 3128: 3126: 3122: 3109: 3105: 3104: 3096: 3094: 3092: 3090: 3088: 3086: 3084: 3080: 3076: 3072: 3068: 3062: 3059: 3052: 3048: 3045: 3044: 3040: 3038: 3036: 3032: 3027: 3022: 3017: 3011: 3005: 3001: 2998: 2991: 2985: 2983: 2977: 2974: 2970: 2969: 2963: 2956: 2947: 2945: 2942: 2936: 2930: 2924: 2919: 2914: 2908: 2902: 2896: 2890: 2884: 2878: 2873: 2869: 2864: 2858: 2851: 2845: 2839: 2836: 2832: 2826: 2819: 2813: 2807: 2801: 2798: 2792: 2787: 2782: 2776: 2770: 2764: 2758: 2755: 2750: 2744: 2735: 2730: 2724: 2719: 2717: 2713: 2706: 2700: 2698: 2694: 2690: 2679: 2667: 2655: 2643: 2637: 2631: 2628: 2623: 2619: 2614: 2609: 2608: 2602: 2600: 2595: 2591: 2586: 2583: 2571: 2547: 2537: 2531: 2526: 2522: 2514: 2509: 2507: 2504: 2498: 2492: 2486: 2480: 2474: 2468: 2465: 2459: 2454: 2449: 2444: 2440: 2436: 2431: 2429: 2425: 2421: 2417: 2416:nationalistic 2413: 2408: 2402: 2396: 2390: 2384: 2379: 2375: 2370: 2365: 2364: 2363:ancien régime 2359: 2355: 2351: 2347: 2343: 2338: 2336: 2332: 2327: 2323: 2317: 2311: 2305: 2303: 2298: 2292: 2286: 2282: 2277: 2274: 2268: 2263: 2258: 2256: 2251: 2242: 2240: 2237: 2230: 2225: 2220: 2218: 2214: 2210: 2199: 2193: 2187: 2181: 2175: 2173: 2168: 2163: 2158: 2155: 2149: 2143: 2131: 2125: 2119: 2116: 2110: 2104: 2097: 2091: 2085: 2079: 2073: 2067: 2059: 2049: 2045: 2035: 2034: 2022: 2016: 2008: 2007:Dadetong Bank 1997: 1992: 1981: 1969: 1963: 1959: 1954: 1951: 1946: 1942: 1937: 1931: 1925: 1922: 1915: 1906: 1901: 1899: 1896: 1891: 1887: 1883: 1874: 1869: 1867: 1865: 1854: 1848: 1842: 1839: 1833: 1827: 1822: 1817: 1812: 1808: 1802: 1797: 1792: 1787: 1786:Hubu Guanpiao 1782: 1777: 1772: 1766: 1760: 1751: 1740: 1739:brevet titles 1729: 1724: 1719: 1707: 1706: 1700: 1696: 1691: 1688: 1683: 1678: 1666: 1654: 1642: 1636: 1630: 1624: 1621: 1615: 1609: 1603: 1597: 1591: 1587:), poll tax ( 1585: 1579: 1573: 1567: 1565: 1561: 1556: 1547: 1542: 1541: 1529: 1517: 1505: 1493: 1487: 1475: 1469: 1460: 1458: 1454: 1451: 1446: 1442: 1437: 1427: 1422: 1420: 1417: 1411: 1405: 1399: 1397: 1393: 1388: 1382: 1376: 1370: 1364: 1359: 1350: 1338: 1336: 1332: 1331:British India 1328: 1324: 1320: 1316: 1312: 1308: 1304: 1300: 1296: 1291: 1285: 1279: 1275: 1269: 1266: 1260: 1245: 1244:Tianchengheng 1242: 1233: 1230: 1221: 1220:Weishengzhang 1218: 1209: 1206: 1197: 1194: 1193: 1192: 1189: 1181: 1171: 1161: 1144: 1138: 1135: 1123: 1111: 1106: 1102: 1091: 1084: 1074: 1069: 1067: 1063: 1060: 1054: 1049: 1045: 1038: 1032: 1026: 1020: 1015: 1010: 1005: 1002: 996: 991: 986: 980: 974: 972: 968: 962: 956: 951: 945: 943: 942: 936: 931: 927: 923: 919: 914: 907: 904: 898: 892: 889: 885: 881: 876: 874: 870: 866: 862: 858: 854: 850: 846: 841: 835: 833: 829: 825: 821: 820:United States 817: 812: 807: 802: 796: 787: 783: 777:Early history 776: 773: 765: 763: 760: 753: 750: 745: 740: 734: 731: 725: 721: 716: 713: 707: 700: 698: 693: 686: 680: 677: 671: 665: 659: 650: 638: 632: 608: 596: 584: 578: 572: 563: 551: 546: 535: 523: 517: 515: 510: 498: 492: 480: 468: 456: 450: 445: 441: 436: 430: 428: 424: 418: 412: 408:Furthermore, 406: 403: 397: 391: 386: 385: 379: 373: 369: 367: 361: 358: 346: 340: 334: 331: 326: 322: 318: 314: 310: 306: 301: 298: 292: 286: 280: 275: 271: 267: 263: 258: 249: 247: 244: 239: 235: 231: 226: 220: 218: 214: 210: 206: 202: 197: 192: 187: 182: 177: 172: 168: 167: 162: 157: 152: 147: 141: 139: 135: 131: 127: 117: 115: 110: 99: 87: 75: 64: 60: 53: 49: 38: 32: 19: 4518: 4506: 4347:Yellow River 3933:Rishengchang 3922: 3857:Central bank 3782: 3763: 3748: 3729: 3725: 3710: 3698:(中國金融百科全書) ( 3695: 3680: 3659:. Retrieved 3602: 3597: 3584: 3572:. Retrieved 3541: 3536: 3523:(中國山西民間票帖) ( 3520: 3515: 3503: 3498: 3486: 3481: 3451:. Retrieved 3447: 3216:. Retrieved 3205: 3112:. Retrieved 3102: 3074: 3066: 3065:R. O. Hall, 3061: 3026:Rishengchang 3020: 3006: 3002: 2986: 2978: 2966: 2951: 2840: 2834: 2802: 2759: 2739: 2701: 2632: 2605: 2603: 2598: 2587: 2542: 2469: 2432: 2373: 2361: 2358:Soviet-style 2339: 2334: 2325: 2306: 2278: 2259: 2246: 2221: 2217:Da-Qing Bank 2176: 2159: 2121:In 1875, 24 2120: 2068: 2031: 2017: 1955: 1926: 1910: 1886:Christianity 1879: 1870:Role of the 1843: 1796:treaty ports 1761: 1698: 1692: 1625: 1568: 1557: 1538: 1474:bangji maoyi 1464: 1455: 1450:treaty ports 1432: 1423:Role of the 1400: 1362: 1360: 1339: 1280: 1270: 1255: 1190: 1139: 1101:Shansi Banks 1100: 1078: 1070:Rise of the 1064: 1047: 1006: 975: 955:Confucianist 946: 939: 908: 893: 877: 836: 828:North Dakota 808:period. The 806:Ming dynasty 791: 786:Rishengchang 754: 735: 717: 701: 681: 661:Because the 660: 573: 518: 431: 407: 382: 374: 370: 366:fiscal cycle 362: 335: 302: 266:partnerships 253: 238:nationalized 221: 191:treaty ports 164: 142: 138:Qing dynasty 126:Shansi banks 125: 112: 98:huiduizhuang 58: 57: 48:Rishengchang 4484:Yanmen Pass 4398:Jin Chinese 4342:Xiechi Lake 4332:Mount Wutai 4317:Hutuo River 3728:(中國大百科全書), 3713:(中華國粹大辭典) ( 3106:(phd). The 3035:meritocracy 2962:gong ji jin 2622:percentages 2590:paper money 2420:proletariat 2412:bourgeoisie 2262:rule of law 2222:During the 2160:During the 888:Cheng Dapei 884:Mao Hongsui 847:in central 697:expiry date 637:yaping case 309:Chinese tea 136:during the 18:Shanxi bank 4536:Categories 4459:Mount Heng 4327:Mount Heng 3960:Zhuangpiao 3943:Qianzhuang 3793:: Sharpe). 3751:(中華百科要覽) ( 3506:(山西票号史料) ( 3453:31 October 3114:23 October 3053:References 2982:act of God 2935:qianzhuang 2901:qianzhuang 2857:qianzhuang 2844:qianzhuang 2806:qianzhuang 2797:qianzhuang 2786:Westernise 2775:qianzhuang 2763:qianzhuang 2743:qianzhuang 2723:qianzhuang 2716:was used. 2618:permillage 2525:Zhuangpiao 2519:See also: 2503:qianzhuang 2491:qianzhuang 2485:qianzhuang 2473:qianzhuang 2458:qianzhuang 2407:qianzhuang 2215:, and the 2186:qianzhuang 2154:qianzhuang 2115:qianzhuang 2103:qianzhuang 2096:qianzhuang 1699:qianzhuang 1297:cities of 1208:Weifenghou 875:services. 770:See also: 562:dingshengu 411:qianzhuang 390:qianzhuang 384:qianzhuang 243:qianzhuang 186:qianzhuang 166:qianzhuang 163:while the 74:piaozhuang 4357:Education 4312:Fen River 4299:Geography 3952:Banknotes 3870:banknotes 3715:Xianggang 3685:Zhengzhou 3661:17 August 3590:Amsterdam 3218:2 October 2784:chose to 2760:Both the 2056:) or the 1728:juan guan 1617:to eight 1590:dingliang 1392:mandarins 1232:Xintaihou 1196:Weitaihou 922:Qi County 869:Lei Lutai 832:Manhattan 217:Singapore 4508:Category 4403:Pu opera 4284:Politics 4202:See also 3772:Shanghai 3753:Shenyang 3738:Shanghai 3732:(中國歷史) ( 3611:Berkeley 3448:Academia 3071:Shanghai 3041:See also 3031:nepotism 2766:and the 2494:and one 2352:and the 2044:Zhejiang 1958:Shanghai 1811:railroad 1705:diandang 1665:guankuan 1653:fangkuan 1584:junxiang 1540:junxiang 1528:xiangyin 1516:xiexiang 1363:de facto 1327:Calcutta 1307:Yokohama 1295:Japanese 990:nobility 941:de facto 861:Shenyang 724:funerals 522:jiezhang 381:and the 232:and the 4520:Commons 4413:Cuisine 4385:Culture 4289:Economy 4279:History 4271:General 4262:capital 4258:Taiyuan 3923:Piaohao 3768:Beijing 3734:Beijing 3700:Beijing 3674:Sources 3574:29 June 3525:Beijing 3508:Taiyuan 3491:Taiyuan 3254:1586691 3206:piaohao 3021:piaohao 3016:piaohao 3010:piaohao 2997:piaohao 2990:piaohao 2968:Caishen 2955:piaohao 2941:piaohao 2929:piaohao 2923:piaohao 2913:piaohao 2907:piaohao 2895:piaohao 2889:piaohao 2883:piaohao 2877:piaohao 2872:Wuchang 2863:piaohao 2860:or the 2850:piaohao 2831:piaohao 2825:piaohao 2818:piaohao 2812:piaohao 2791:piaohao 2781:piaohao 2769:piaohao 2754:Yun Liu 2749:piaohao 2729:piaohao 2712:piaohao 2705:piaohao 2678:yinpiao 2675:), and 2666:qiantie 2636:piaohao 2627:piaohao 2546:huipiao 2536:piaohao 2513:piaohao 2497:piaohao 2479:piaohao 2464:piaohao 2448:piaohao 2401:piaohao 2395:piaohao 2389:piaohao 2383:piaohao 2369:piaohao 2344:by the 2331:piaohao 2322:piaohao 2316:piaohao 2310:piaohao 2297:piaohao 2291:piaohao 2273:piaohao 2267:piaohao 2250:piaohao 2236:piaohao 2229:piaohao 2192:piaohao 2180:piaohao 2167:piaohao 2148:piaohao 2142:piaohao 2139:). 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