The Rishengchang Draft Bank, located in Pingyao, Shanxi Province, holds the distinction of being the first modern bank in China. Established in the 19th century, it played a pivotal role in promoting the circulation of money and fostering the development of industry and commerce during the 19th and 20th centuries. The establishment of Rishengchang marked the beginning of the Chinese banking industry, contributing significantly to Pingyao's reputation for wealth and a thriving economy two centuries ago. Today, the legacy of the Rishengchang Draft Bank remains a testament to China's early strides in modern banking.
Reference(s):
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