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:
“To be candid, in Middlemarch phraseology, meant, to use an early opportunity of letting your friends know that you did not take a cheerful view of their capacity, their conduct, or their position; and a robust candour never waited to be asked for its opinion.”
—George Eliot [Mary Ann (or Marian)
“These, and such as these, must be our antiquities, for lack of human vestiges. The monuments of heroes and the temples of the gods which may once have stood on the banks of this river are now, at any rate, returned to dust and primitive soil. The murmur of unchronicled nations has died away along these shores, and once more Lowell and Manchester are on the trail of the Indian.”
—Henry David Thoreau (1817–1862)