The Wall Street in ancient China

In Ming and Qing Dynasties, merchants of jIn in Pingyao were countless, running all kinds of business all over the country, and Pingyao was richer than any of his neighbors. Big fourtunes rushed in with its commercial advances, bringing about more and more of money exchanges in bigger and bigger amount far beyond the capacity of the traditional money shops or escort agencies, hence the birth of draft banks that offered the services of remittance, deposit, or loans, in a fairly modern manner. As the cradle of draft banks of Shanxi Province, Pingyao has the most of them in number and the longest in running, thus playing an important role in financial development of china. Towards the later 19th century, Pingyao had ranked itself among the most financially advanced cities in China, and for once even manipulating the nation’s finance. That is why folks often regard Pingyao and its neighboring Qixian County and Taigu County as “Wall Street of China”. These draft banks, in their 100 years, or more prime, had certainly pushed ahead the economic development of China.
The most reputed draft bank in Pingyao is Rishangchang, the father of Chinese banks. It was firstly a dye shop by LI family from Dapu Village, Pingyao. In 1823, it shifted to draft banking of remittance. In its operation of over 100 years, it had branches in 35 cities of the nation as well as some overseas. Encouraged by its success, merchants of Jin rushed into the business, and decades later there were already a score or more banks of Shanxi banks had formed the three groups of Pingyao, Qixian, and Taigu, before those by merchants from Jiangsu and Zhejiang provinces to compete and also complete a national financial network that greatly promoted the trade and industry in the end of Qing Dynasty and the beginning of Republic of China.
Rishangchang Bank:
The bank’s name suggests something like “prosperity at every sunrise”. The central court is made up of 3 courtyards on a south north axis, while the east courtyard is long but smaller. The layout is compact and considerate, typical of the folk house in central Shanxi Province, and the best preserved in the region as well.
Its buildings fall in three kinds for different functions. The front part of the central court consists of the service counter, the correspondence room, and the bookkeeping room, while the rear part is for reception and guest residence. In the east courtyard are the residence of the clerks and servants, the kitchen and the storerooms. The buildings feature in space variations, deepness, outlines falling and rising with a strong sense of rhythm.
Now it is the museum of draft banks, furnished as it was in those days to provide a true to life material evidence of the Shanxibanks in Pingyao.