Rishengchang

First draft bank in China

The Rishengchang Piaohao, was the first draft bank in China. It is located in Pingyao, Shanxi province, China. Rishengchang literally translates to 'Sunrise Prosperity', and piaohao means 'draft banks', the predecessors of modern banks in China. It was estimated to be founded during the Qing Dynasty in 1823. In the nineteenth century, at its peak, it controlled almost half of the Chinese economy and its branches were widespread throughout major cities in China, and also in some foreign countries, including Russia, Mongolia, and Japan.

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