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A Comparative Study of the Credit Systems of Ningbo Merchants’ Native Banks and Shanxi Merchants’ Piaohaos

LU Jian-suo, CHEN Fa-yu (Faculty of Business, Ningbo University, Ningbo 315211, China)  
Ningbo merchants’ native banks and Shanxi merchants’ piaohaos are folk banking institutions operated by Ningbo and Shanxi merchants respectively during the period of the Ming and Qing Dynasties. By means of their respective credit systems they liquidated social funds, and played the role of promoting the circulation of commodity. The posting system, the silver dollar- based accounting system and the interest-bearing system adopted by Ningbo merchants’ native banks, together with the exchange system, the scores system, the capital operation system and the allocation system enacted by Shanxi merchants’ piaohaos, are co- nductive to the mutual economic and financial development. Through their governing effects, the native banks and the piaohaos had been maintaining a high degree of credibility in their operation. Today, in consistent with the practice which advocates the establishment of a new financial credit order, it is particularly necessary to conduct a deep study of native banks and piaohaos, which are an important heritage of China’s financial system.
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