On May 27th, 1897, China Commercial Bank founded by Sheng Xuanhuai was formally established at No.6 Bund. This is the first bank founded by China people and the earliest Chinese bank established in Shanghai, which is 50 years later than the first foreign bank established in Shanghai. Since then, branches in Tianjin, Hankou, Guangzhou, Shantou, Yantai and Zhenjiang have opened one after another.
At the beginning of the establishment of Shang Tong Bank, the Qing government granted the privilege of issuing two kinds of banknotes, namely silver dollar and silver, as a hub for sorting out the monetary system. At this point, China began to see its own banknotes competing with those of foreign banks, and its financial power was no longer controlled by foreign banks. Silver coupons are divided into five types: one yuan, five yuan, ten yuan, fifty yuan and one hundred yuan. Silver coupons are divided into one or two, twelve, fifty-two and one hundred and twenty-four.
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The Background and Significance of the Establishment of China Commercial Bank
First of all, after the signing of treaty of shimonoseki, Kang Youwei wrote to Emperor Guangxu, asking him to "summon the spirit of the world, move the capital to the foundation of the world, strengthen the trend of the world, and reform the rule of the world." Among them, "political reform" is the basis of "building the country and strengthening itself", and banks are also an important part in a series of reform clauses.
Secondly, the financial embarrassment of the Qing government. This is the direct reason why the government finally agreed to set up a bank. In treaty of shimonoseki, the compensation to Japan was as high as 230 million taels of silver, while the government revenue was only 8 million taels, and the fiscal deficit was serious. Many westernization enterprises founded by the Qing government generally lacked funds. The financial embarrassment made the Qing court officials change their previous stubborn refusal mentality and began to discuss banks.
Reference source: Baidu Encyclopedia-China Commercial Bank