Golden Age of Chinese Banking
The decade from the Northern Expedition to the Second Sino-Japanese War in 1937 has been described as a "golden decade" for China's modernisation as well as for its banking industry. Modern Chinese banks extended their business in scope, making syndicated industrial loans and offering loans to rural areas.
The Nationalist government created the Central Bank of China in 1928, with Song Ziwen as its first president. The Bank of China was reorganised as a bank specialising in the management of foreign exchange while the Bank of Communications focused on developing industry.
The Bureau of Financial Supervision was set up under the Ministry of Finance, to supervise financial affairs.
Confronted with imminent war with Japan, the Chinese government took control of over 70 percent of the assets of modern Chinese banks through the notorious banking coup.
Read more about this topic: History Of Banking In China
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