| Picture shows a reconstruction of a native bank of the Republican period in Shanghai. It is an item from the collection of the Shanghai Bank Museum on display at "The Development of Banks in Shanghai and Hong Kong" exhibition. This reconstructed native bank features an original bill storage cabinet, teller counter and authentic account records and bills, which all date back to that era. Before the emergence of banking institutions, basic financial services in China were provided by "qianzhuang" (money shops) and "yinhao" (money changers), which were known as native banks. They sprang up during the late Ming and the early Qing dynasty. Currency exchange was their main business; later they started to accept cash deposits, extend loans, issue credit receipts and private notes and remit funds from one region to another. After the founding of the People's Republic of China, privately owned banks were reorganised into public-private partnerships, and the historical role of the native banks was brought to an end, closing an important chapter in China's financial history.
The exhibition will be held from tomorrow (November 28) to March 24, 2008 at the Museum of History.
|
