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
Famous quotes containing the words early and/or banks:
“When first we faced, and touching showed
How well we knew the early moves ...”
—Philip Larkin (1922–1986)
“Its whether will ye be a rank robber’s wife,
Or will ye die by my wee pen knife?
Its I’ll not be a rank robber’s wife,
But I’ll rather die by your wee pen knife.
He ‘s killed this may and he ‘s laid her by,
For to bear the red rose company.”
—Unknown. Babylon; or, The Bonnie Banks o’ Fordie (l. 9–14)