Early Chinese Banks
Chinese financial institutions were conducting all major banking functions, including the acceptance of deposits, the making of loans, issuing notes, money exchange, and long-distance remittance of money by the Song Dynasty (960-1279). In 1024, the first paper currency was issued by the state in Sichuan. The institutions of piaohao (票號) and qianzhuang (錢莊) more often cooperated than competed in China's financial market.
Read more about this topic: History Of Banking In China
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