Entering the Rishengcheng 日升昌
I have probably been going on and on about Pingyao’s importance as a financial center but haven’t really mentioned anything about what its role in this actually it. Pingyao happens to be the site of China first draft bank. Before the advent of modern banking in China. The draft banks of Pingyao dominated the financial landscape. Rishengchang is known as China’s first draft bank. It was established in the year 1823 during the Qing dynasty.
Does This Look Like a Bank to You?
Rishengchang became so entrenched in the Qing economy that it established branches in numerous Qing cities and towns. Hence the importance of having the armed escorts when moving money from one place to another. So wide was its reach that it even had branches in neighboring countries. It is said that the Rishengchang controlled half of the Qing economy as much of the money flowed through is coffers. The bank eventually went bankrupt with the advent of modern banking and is now relegated to the dustbin of history.
[xmlgm {http://www.worldwanderings.net/kml/PingyaoAncientTown.kmz} zoom=19]