paper money A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

scrip A scrip (or ''chit'' in India) is any substitute for legal tender. It is often a form of credit. Scrips have been created and used for a variety of reasons, including exploitive payment of employees under truck systems; or for use in local comme ...

China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

Qing dynasty The Qing dynasty ( ), officially the Great Qing,, was a Manchu-led imperial dynasty of China and the last orthodox dynasty in Chinese history. It emerged from the Later Jin dynasty founded by the Jianzhou Jurchens, a Tungusic-speak ...

de facto ''De facto'' ( ; , "in fact") describes practices that exist in reality, whether or not they are officially recognized by laws or other formal norms. It is commonly used to refer to what happens in practice, in contrast with ''de jure'' ("by la ...

alternative currency A complementary currency is a currency or medium of exchange that is not necessarily a national currency, but that is thought of as supplementing or complementing national currencies. Complementary currencies are usually not legal tender and thei ...

Hubu Guanpiao The Hubu Guanpiao (Traditional Chinese: 戶部官票, "Ministry of Revenue Government notes") is the name of two series of banknotes produced by the Qing dynasty, the first series was known as the ''Chaoguan'' (鈔官) and was introduced under th ...

cash coins In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-immed ...

tael Tael (),"Tael" entry
at the

yuan'' (元 / 圓) which was based on round silver coins.

Concept

''Zhuangpiao'' were privately produced notes issued by '' qianzhuang'' private banks (or "native banks"). There were several differences between ''zhuangpiao'' and modern

banknote A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes w ...

s, the credit of modern banknotes come from the power of the state, but ''zhuangpiao'' served purely to convert metal coinages into paper money. An advantage which the ''zhuangpiao'' had for the

Chinese economy The China, People's Republic of China has an upper middle income Developing country, developing Mixed economy, mixed socialist market economy that incorporates economic planning through Industrial policy, industrial policies and strategic Five- ...

as it would save the amount of money that was circulating and help facilitate more cross-regional trade across China. There issues associated with the ''zhuangpiao'' as faraway ''qianzhuang'' couldn't always verify them, it was more convenient for ''qianzhuang'' to let a ''zhuangpiao'' circulate in different places or in the same city and only be accepted and admitted by local ''qianzhuang'' there and these local ''qianzhuang'' needed a local place for exchange and debit within the city or region. The

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

''qianzhuang'' guild had an intricate system of exchanging ''zhuangpiao'' and the note would play its scale effect that was an equivalent to expanding the operating funds of the ''qianzhuang'', this effect was similar to the

money multiplier In monetary economics, a money multiplier is one of various closely related ratios of commercial bank money to central bank money (also called the monetary base) under a fractional-reserve banking system. It relates to the ''maximum'' amount of com ...

effect of modernised

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

s in

monetary economics Monetary economics is the branch of economics that studies the different competing theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value and unit of account), and it ...

. As a result of the transfer and rolling of accounts in this exchange, there had to be imbalances in expenditures, some ''qianzhuang'' need to pay the cash, and some ''qianzhuang'' was needed to recover the cash. If a ''qianzhuang'' did not have enough cash in its reserve to pay for the ''zhuangpiao'' and would need to borrow money from another ''qianzhuang'' in a short-term loan. To remedy this situation many local ''qianzhuang'' guilds set up interbank lending market systems to provide for things such as adjustment and allowed for member ''qianzhuang'' to have a buffer for the times that they wouldn't have sufficient funds to pay out the ''zhuangpiao'' they had issued. This interbank lending system was of great convenience for the daily operations of a ''qianzhuang''.

History

Qing dynasty

Many '' qianzhuang'' issued their own

scrip A scrip (or ''chit'' in India) is any substitute for legal tender. It is often a form of credit. Scrips have been created and used for a variety of reasons, including exploitive payment of employees under truck systems; or for use in local comme ...

known as ''zhuangpiao'' (莊票) and (if denominated in

silver Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...

) ''yinqianpiao'' (銀錢票, "silver money notes"). This scrip was also accepted by proximate shops but to cash these out would take around 10–15 days after it was given to the shop, this was because couriers would have to liaise with the issuing shop in order to verify their authenticity and rule out fraudulent ''zhuangpiao'' notes. The ''qianzhuang'' had employed some rather strict rules and regulations on their negotiable instruments such as the ''zhuangpiao''. An example would be that when the Shunkang Qianzhuang receives a banknote issued by the Hongsheng Qianzhuang, the first thing that the Shunkang Qianzhuang would do is to send the old secretary or apprentice to the Hongsheng Qianzhuang to confirm the authenticity of the banknote. When the secretary or apprentice delivers the bill he would hold return book, this book indicates the number of produced banknotes. After this the important staff members of the Hongsheng Qianzhuang check to see if there are no problems with the note, they check you see if the Hongsheng Qianzhuang stamps on the left or right corner of the note are correct. If a note has been authenticated the issuing bank must always cash it in. To all ''qianzhuang'' a ''zhuangpiao'' is regarded the same as cash money (or a "promissory non-recogniser") and they had a very trustful relationship with each other. When the Da-Qing Baochao (大清寶鈔) cash notes were suffering from inflation privately produced ''zhuangpiao'' cash notes were valued at double the

nominal value In economics, nominal value is measured in terms of money, whereas real value is measured against goods or services. A real value is one which has been adjusted for inflation, enabling comparison of quantities as if the prices of goods had not c ...

of these government-issued cash notes, a number which increased to three and a half times as much before they were finally abolished in 1859.“Silver, Copper, Rice, and Debt: Monetary Policy and Office Selling in China during the Taiping Rebellion,” in Money in Asia (1200–1900): Small Currencies in Social and Political Contexts, ed.
by Jane Kate Leonard and Ulrich Theobald,

Leiden Leiden (; in English and archaic Dutch also Leyden) is a city and municipality in the province of South Holland, Netherlands. The municipality of Leiden has a population of 119,713, but the city forms one densely connected agglomeration wit ...

: Brill, 2015, 343-395. During this era Chinese banknotes had a lot of different currency units and almost every small region had their own regional currency with regional standards, Dr. Wen Pei Wei, in his 1914 book "The Currency Problem in China", stated "of a currency system it can be seen that China currently has none... No one single unit of currency in the Chinese system, if it can be called that, serves the function f standard of valuefor the country as a whole." This was reflected in the ''zhuangpiao'' by the fact that many different currency units were traded based on the market rates and their relation to each other rather than using a standardised currency system as is customary in other countries. In order to establish an intra-city remittance and lending market, ''qianzhuang'' guilds established inter-city and inter-bank remittance houses to support the ''zhuangpiao'' that were issued by other ''qianzhuang''. During the late 19th century ''zhuangpiao'' banknotes were a common method of payment in the credit business of

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

and were both accepted by local and foreign banks. The Qianzhuang would mobilise their domestic resources to an order of magnitude that would exceed the paid-up capital that they initially received several times over, this happened mostly through issuing banknotes and deposit receipts.

British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies. ** Britishness, the British identity and common culture * British English, ...

banks operating in China would often accept ''zhuangpiao'' as a security for the loans they gave out to ''qianzhuang''. This makes it plausible that chop loans originated because of the widely used prevalence of ''zhuangpiao'' in China that British banks could simply not just to reject them when they were being offered to them by foreign merchants in China. During this era foreign banking companies tended to have an account at least one ''qianzhuang'', since only the guilds operated by them could clear the large number ''zhuangpiao'' forms that were circulating in the city of Shanghai, this happened through a rather elaborate daily mechanism which was dubbed ''Huihua'' (非匯, "draft exchange"). The ''huihuazhuang'' credit banks of Shanghai enjoyed special privileges over the smaller banks such as the right to both issue and to accept ''yinpiao'' (銀票, "silver notes") denominated in silver

tael Tael (),"Tael" entry
at the

cash coins In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-immed ...

. The ''huihuazhuang'' credit banks also operated deposits and issued various types of paper money such as the discountable notes known as ''tiexian'' (貼現), furthermore they also issued their own banknotes (''zhuangpiao'') and

bills of exchange A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a ...

(which were known as ''huipiao'' (匯票, "remittance notes"). When the chop loan mechanism collapsed this severely affected the standing of ''zhuangpiao'', much like all the other organic, private-order arrangements were badly hit, in a negative way on the monetary Chinese market. These private arrangements often concerned the individual intermediaries which were employed by foreign banks and financial institutions to guarantee Chinese liabilities like the ''zhuangpiao'' notes, the intermediary business rose up during the mid-19th century in Chinese treaty ports in response to both language barriers and information deficits facing foreigners who wished to do business in local Chinese markets. These intermediaries were commonly known as "compradors" to Westerners or ''maiban'' in Mandarin Chinese. Compradors would personally guarantee the value of ''zhuangpiao'' issued by the ''qianzhuang'' and other Chinese liabilities before foreign institutions, but they did not actually have the leverage to guarantee any metallic money, such as the silver coins, disbursed by foreign institutions in the Chinese (monetary) marketplace. As China was suffering from a highly fractured monetary condition, this enabled the rise other highly specialised financial organisations precisely to that end, which were the ''gonguju'' and ''yinlu'' metal assayers. Chinese historian Peng Xinwei stated that in the year 1900 privately produced banknotes made up only 3% of the total volume of Chinese currency stock. The Hupeh Provincial Bank (湖北官錢局, ''Hubei Guan-Qianju''), a provincial government-owned ''qianzhuang'' issued their own banknotes which were known as the Hubei Guanpiao (湖北官票), these banknotes were denominated in

tael Tael (),"Tael" entry
at the

strings String or strings may refer to: *String (structure), a long flexible structure made from threads twisted together, which is used to tie, bind, or hang other objects Arts, entertainment, and media Films * ''Strings'' (1991 film), a Canadian anim ...

for copper-alloy cash coins. The Hubei Guanpiao had magistrate seals affixed on them as endorsements, as the ''zhuangpiao'' by the local ''qianzhuang'' formerly practiced. In March of the year 1901 Zhang Zhidong commanded his subordinates to repudiate those magistrate seals on the Hubei Guanpiao banknotes that were issued as Zhang forthrightly explained to them that his foreign-made printing machines applied anti-forgery techniques, and that acquiescing seals would hamper circulating and competing banknotes issued by modern banks in China. In the year 1906 the regulations of the North and South city money industry reorganisation stipulated that when ''zhuangpiao'' expired that if unfamiliar people would request their ''zhuangpiao'' to be cashed in, the ''qianzhuang'' would refuse to pay into 12:00

post meridiem The 12-hour clock is a time convention in which the 24 hours of the day are divided into two periods: a.m. (from Latin , translating to "before midday") and p.m. (from Latin , translating to "after midday"). For different opinions on represent ...

, this was in accordance to the general rules and regulations of the Chinese financial market at the time. If the note was discounted as an unexpired ''zhuangpiao'', all of the brought in notes would need to be carefully identified.

Republic of China

The Hubei Guanpiao was abolished in 1927 with the bankruptcy of the Hubei Guan-Qianju. After the Hubei Guan-Qianju filed for

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

in 1927 35 million strings in Hubei Guanpiao banknotes, which accounted for about half of the total of Hubei Guanpiao issued, were lost in the lengthy recall process by the defunct banks, as these banknotes had become completely worthless. In the year 1933 the

government of the Republic of China The Government of the Republic of China, is the national government of the Republic of China whose ''de facto'' territory currently consists of Taiwan, Penghu, Kinmen, Matsu and other island groups in the "free area". Governed by the De ...

abolished the ancient silver-based currency unit, the tael and completely replaced it with the yuan in a process known as the ''fei liang gai yuan'' (廢兩改元). During this time the Republican government cleared all banknotes denominated in the ancient tael currency, making all bills which used this currency unit obsolete. Following the 1935 currency reform the

government of the Republic of China The Government of the Republic of China, is the national government of the Republic of China whose ''de facto'' territory currently consists of Taiwan, Penghu, Kinmen, Matsu and other island groups in the "free area". Governed by the De ...

introduced the ''fabi'' (法幣, "

legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in pa ...

"), from November of the year 1935 to December 1936, the 3 officially sanctioned note-issuing banks issued the new paper currency, the ''fabi'' was completely detached from the

silver standard The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians 3000 BC until 1873. Following t ...

. The Central Government of the Republic of China had enacted these currency reforms to limit currency issuance to three major government controlled banks: the

Bank of China The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world. The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...

,

Central Bank of China Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known a ...

,

Bank of Communications Bank of Communications Limited (BoComm) (; often abbreviated as ), is the fifth-largest bank in mainland China. Established in 1908, the Bank of Communications claims a long history in China and is one of the banks to have issued banknotes in mo ...

, and later the

Farmers Bank of China A farmer is a person engaged in agriculture, raising living organisms for food or raw materials. The term usually applies to people who do some combination of raising field crops, orchards, vineyards, poultry, or other livestock. A farmer mig ...

. Chinese people were required by government mandate to hand in all of their current silver reserves in return for the newly introduced ''fabi'', this was primarily done by the government in order to supply the silver that the Chinese government owed to the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. The Chinese government and the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

were careful to do a controlled release of about 2,000,000,000 yuan worth of new ''fabi'' banknotes, this was done in order to prevent

inflation In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reductio ...

, and the government had taken many precautions to distribute these banknotes both gradually and fairly. In the first few months following the release of the ''fabi'' banknotes, the Chinese government did this to wait to see whether the Chinese public would place their trust in the new, unified Chinese currency.Chang, H.: The Silver Dollars and Taels of China.

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

, 1981 (158 pp. illus.). Including Subsidiary Notes on “The Silver Dollars and Taels of China” Hong Kong, 1982 (40 pp. illus.). .

How ''qianzhuang'' dealt with missing or stolen ''zhuangpiao''

If someone reported the loss or theft of one of their ''zhuangpiao'' to a ''qianzhuang'' the ''qianzhuang'' would stop issuing payments out to that note. This is because if the ''qianzhuang'' would pay for the ''zhuangpiao'' at sight the customer would have lost their money, but on the other hand if the ''qianzhuang'' would refuse to pay out a banknote without any conclusive evidence then this can easily lead to the loss of credit for ''qianzhuang''. Because of the associated risks the ''qianzhuang'' had created a large number of detailed provisions specifically for the situation where they would have to suspend paying out a ''zhuangpiao'' because its loss had been reported. If the ''zhuangpiao'' was in fact truly irretrievable because of situations like water damage, fire, or theft, then the customer who had lost their ''zhuangpiao'' was obligated to issue a certificate confirming the fact and then give this certificate to the local ''qianzhuang'' to apply for a suspension. Afterwards the person who lost their ''zhuangpiao'' had to report on it and declare it publicly in a famous local

newspaper A newspaper is a periodical publication containing written information about current events and is often typed in black ink with a white or gray background. Newspapers can cover a wide variety of fields such as politics, business, sports a ...

and one abroad as well as to report its loss to the local authorities such as the government, this would temporarily suspend payment of the lost ''zhuangpiao''. The money owed would then be sent to the local ''qianzhuang''

guild A guild ( ) is an association of artisans and merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as organizations of tradesmen belonging to a professional association. They sometimes ...

where it would be kept safe. If 100 days had passed and no credible objections had been made against the loss the loser would then receive their money.

Seals, overprints, and endorsements

1000 Cash (文) - Da-Qing Baochao (大清寶鈔) Cash-note (Xianfeng Period) Auction World 04

Three kinds of stamps were used on Chinese banknotes including ''zhuangpiao'', these were "seals", "overprints", and "endorsements". In general, seals were affixed by the issuing office or private bank. Overprints were added later after the banknote had already been placed into general circulation, overprints were the products of semi-officials who had some nominal form of authority the merchant class did not have. Endorsements represent acceptance of Chinese banknotes banknote as genuine and were generally placed on the reverse side (or blank side) of the banknote by the many ''qianzhuang'' (such as "cash shops", T'ien shops, and money changers) through whose hands they would pass. The official seals which were placed on Qing dynasty era banknotes tended to serve a large variety of purposes.

Gallery

References

Sources

* Cheng Linsun (2003) ''Banking in modern China: entrepreneurs, professional managers and the development of Chinese banks.''

Cambridge University Press Cambridge University Press is the university press of the University of Cambridge. Granted letters patent by Henry VIII of England, King Henry VIII in 1534, it is the oldest university press A university press is an academic publishing hou ...

,

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

, pp 1897–1937. * Hamashita Takeshi (濱下武志) (1980) ''Chūgokutsūshōginkō no setsuritsu to Honkon Shanhaiginkō'' (中国通商銀行の設立と香港上海銀行). Hitotsubashironsō. (in

Japanese Japanese may refer to: * Something from or related to Japan, an island country in East Asia * Japanese language, spoken mainly in Japan * Japanese people, the ethnic group that identifies with Japan through ancestry or culture ** Japanese diaspor ...

). * Huang Da (黃達), Liu Hongru (劉鴻儒), Zhang Xiao (張肖), ed. (1990). ''Zhongguo jinrong baike quanshu'' (中國金融百科全書) (

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

: Jingji guanli chubanshe), Vol. 1, 228. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * Huang Jianhui (黃鑒暉) (1994) ''Zhongguo yinhangyeshi'' (中國銀行業史). Shanxi jingji chubanshe,

Taiyuan Taiyuan (; ; ; Mandarin pronunciation: ; also known as (), ()) is the capital and largest city of Shanxi Province, People's Republic of China. Taiyuan is the political, economic, cultural and international exchange center of Shanxi Province. ...

. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * * Kang Guohong (康國宏) (1997). "Qianzhuang (錢莊)", in Men Kui (門巋), Zhang Yanjin (張燕瑾) (ed.), ''Zhonghua guocui da cidian'' (中華國粹大辭典) (

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

: Guoji wenhua chuban gongsi), 102. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * Kwan Man Bun (2001) ''The salt merchants of Tianjin: state-making and civil society in late Imperial China.''

University of Hawaii Press A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States, the ...

,

Honolulu Honolulu (; ) is the capital and largest city of the U.S. state of Hawaii, which is in the Pacific Ocean. It is an unincorporated county seat of the consolidated City and County of Honolulu, situated along the southeast coast of the island ...

, Hawai. * * McLean D (1976) ''Finance and ‘informal empire’ before the first world war.'' Economic History Revue. * Pan Liangui (潘連貴) (2004) ''Shanghai huobishi'' (上海貨幣史). Shanghai renminchubanshe,

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * The book has been translated into English by Edward 11. Kaplan as A Monetary History of China (Bellingham, WA: Western Washington, 1994). * Peng Xinwei (彭信威) (1994) ''A monetary history of China'' (translated by Edward H. Kaplan).

Western Washington University Western Washington University (WWU or Western) is a public university in Bellingham, Washington. The northernmost university in the contiguous United States, WWU was founded in 1893 as the state-funded New Whatcom Normal School, succeeding a pri ...

( Bellingham,

Washington Washington commonly refers to: * Washington (state), United States * Washington, D.C., the capital of the United States ** A metonym for the federal government of the United States ** Washington metropolitan area, the metropolitan area centered o ...

). * * Wang, Y. F. (2017). ''The Risk Control of Qianzhuang. International Business and Management'', 14 (2), 38-47. * Wu Chengxi (吴承禧). ''Zhongguo de Yinhang'' (中國的銀行).

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

: Shangwu yinshuguan, 1934. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * Yao Enquan (姚恩權) (1993). "Qianzhuang (錢莊)", in Shi Quanchang (石泉長), ed. ''Zhonghua baike yaolan'' (中華百科要覽) (

Shenyang Shenyang (, ; ; Mandarin pronunciation: ), formerly known as Fengtian () or by its Manchu language, Manchu name Mukden, is a major China, Chinese sub-provincial city and the List of capitals in China#Province capitals, provincial capital of Lia ...

: Liaoning renmin chubanshe), 86. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * Ye Shichang (葉世昌) (2003) ''Gudai Zhongguo jingji sixiangshi'' (古代中國經濟思想史). Fudan daxue chubanshe,

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * Zhang Guohui (張國輝) (1992). "Qianzhuang (錢莊)", in ''Zhongguo da baike quanshu'' (中國大百科全書), ''Zhongguo lishi'' (中國歷史) (

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

/

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

: Zhongguo da baike quanshu chubanshe), Vol. 2, 775. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * Zhang Guohui - ''Wan Qing qian zhuang he piao hao yan jiu'' (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * Zhang Guohui (張國輝) (1988). "Qianzhuang (錢莊)", in ''Zhongguo da baike quanshu'' (中國大百科全書), Jingjixue (經濟學), Vol. 2, 729. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). * Zhao Yulin (趙玉林), Wang Huazhong (王化中), ed. (1990). ''Jingjixue cidian'' (經濟學辭典) (

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

: Zhongguo jingji chubanshe), 702. (in

Mandarin Chinese Mandarin (; ) is a group of Chinese (Sinitic) dialects that are natively spoken across most of northern and southwestern China. The group includes the Beijing dialect, the basis of the phonology of Standard Chinese, the official language of ...

). {{Portal bar, China, Money, Numismatics Banknotes of China Economy of the Qing dynasty Chinese numismatics