Imperial Bank of China
Encyclopedia
The Imperial Bank of China (Traditional Chinese: 中國通商銀行) was the first Chinese-owned bank modelled on Western banks and banking practices. It was founded in Shanghai
by Mr. Sheng Xuanhuai
in 1897 successfully operating until 1913 when it was renamed to the Commercial Bank of China. The "rebranding" was for political reasons following the overthrow of the last emperor Pu Yi by the Nationalists in 1911.
The manager, Andrew Maitland, was hired out of retirement from the Hongkong and Shanghai Banking Corporation
. Ambitions for this bank were high, and it was proposed that it take over banknote
issues throughout China. Although offices were opened in Canton (Guangzhou) and Beijing
(then Peking) the Imperial Bank of China never received the full support of central government and it became marginalised.
The bank was closed down in 1952 after being taken over by the Central Government
of the People's Republic of China
.
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
by Mr. Sheng Xuanhuai
Sheng Xuanhuai
Sheng Xuanhuai , November 4, 1844—April 27, 1916, 盛宣懷) was the Minister of Transportation during the Qing Dynasty. He is also known as Sheng Gongbao ....
in 1897 successfully operating until 1913 when it was renamed to the Commercial Bank of China. The "rebranding" was for political reasons following the overthrow of the last emperor Pu Yi by the Nationalists in 1911.
The manager, Andrew Maitland, was hired out of retirement from the Hongkong and Shanghai Banking Corporation
Hongkong and Shanghai Banking Corporation
The Hongkong and Shanghai Banking Corporation Limited is a prominent bank established and based in Hong Kong since 1865 when Hong Kong was a colony of the British Empire. It is the founding member of the HSBC Group and since 1990 is now a wholly owned subsidiary of HSBC Holdings plc...
. Ambitions for this bank were high, and it was proposed that it take over banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
issues throughout China. Although offices were opened in Canton (Guangzhou) and Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
(then Peking) the Imperial Bank of China never received the full support of central government and it became marginalised.
The bank was closed down in 1952 after being taken over by the Central Government
Central government
A central government also known as a national government, union government and in federal states, the federal government, is the government at the level of the nation-state. The structure of central governments varies from institution to institution...
of the People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
.
See also
- Banking in ChinaBanking in ChinaChina's banking system has undergone significant changes in the last two decades: banks are now functioning more like banks than before. Nevertheless, China's banking industry has remained in the government's hands even though banks have gained more autonomy...
- History of banking in ChinaHistory of banking in ChinaThe history of banking in China includes the business of dealing with money and credit transactions in China.- Early Chinese banks :Chinese financial institutions were conducting all major banking functions, including the acceptance of deposits, the making of loans, issuing notes, money exchange,...
- Economy of the People's Republic of ChinaEconomy of the People's Republic of ChinaThe People's Republic of China ranks since 2010 as the world's second largest economy after the United States. It has been the world's fastest-growing major economy, with consistent growth rates of around 10% over the past 30 years. China is also the largest exporter and second largest importer of...
- Economic history of China (Pre-1911)
- Economic history of Modern ChinaEconomic history of modern ChinaThe economic history of modern China began with the fall of the Qing Dynasty in 1911. Following the Qing, China underwent a period of instability and disrupted economic activity. Under the Nanjing decade , China advanced several industries, in particular those related to the military, in an effort...