Rishengchang Draft Bank, located in Pingyao County, Shanxi Province, is a key historical site under provincial protection.

 

Rishengchang was China's earliest draft bank, founded in 1823 in the early years of Emperor Daoguang's reign during the Qing Dynasty (1644-1911). The Li Daquan brothers, owners of the Xiyucheng Pigment Shop in Pingyao, Shanxi Province, put into practice the suggestion of Lei Lutai, then manager of the shop. As a means to avoiding the risks of transporting silver cash between Beijing and Shanxi, they created the money remittance system, marking a new era in China's financial trade. Xiyucheng Pigment Shop thus became the Rishengchang Draft Bank. The name Risheng means "sunrise" and Chang means "prosperity" in Chinese.

 

The Rishengchang Draft Bank is in a large courtyard enclosed by high walls, and comprises accounting rooms, letter-writing rooms, the general manager's room, and the treasury. The implements in use at the time the bank was in business are all on display. In one corner of the courtyard is an elderly man in his 80s, wearing a conventional 19th century robe, writing out Rishengchang bills of exchange as souvenirs for tourists. These bills bear the red Rishengchang stamp, making them valuable collectors' items. This old gentleman's ancestors worked for Rishengchang for six generations, and one of his antecedents was general manager of one of the draft bank's branches. On his retirement, this old man embarked on a fresh career, producing instant souvenirs. A draft bank, called piaohao or piaozhuang in Chinese, is a banking institution originated by Shanxi merchants dealing in drafts, or bills of exchange, payable in towns and cities in which they did business. It is the predecessor of Chinese contemporary banks.