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Main: History of banking in China. In ancient China, starting in the Qin dynasty (221–206 BCE), Chinese currency developed with the introduction of standardized coins that allowed easier trade across China, and led to development of letters of credit. These letters were issued by merchants who acted in ways that today we would understand as ...
In ancient Rome there were a variety of officials tasked with banking. These were the argentarii, mensarii, coactores, and nummulari.The argentarii were money changers.The role of the mensarii was to help people through economic hardships, the coactores were hired to collect money and give it to their employer, and the nummulari minted and tested currency.
The first person to have participated in ancient society to some degree as a banker was named Philostephanos (of Corinth). [25]A slave named Pasion, for a time owned by Archestratos and Antisthenes, who were partners of a banking firm in Peiraieus, was for a time Athens' most important banker, after his manumission to the metic class.
Linsun Cheng, Banking in Modern China: Entrepreneurs, Professional Managers, and the Development of Chinese Banks, 1897-1937 (Cambridge University Press, 2007). ISBN 0-521-03276-8; Zhaojin Ji, A History of Modern Shanghai Banking: The Rise and Decline of China's Finance Capitalism (M. E. Sharpe, 2003). ISBN 0-7656-1003-5
The practices of ancient Roman finance, while originally rooted in Greek models, evolved in the second century BC with the expansion of Roman monetization. Roman elites engaged in private lending for various purposes, and various banking models arose to serve different lending needs.
On this day in economic and financial history... The world's oldest continuously operating bank was founded in Siena, Italy on Feb. 27, 1472. Banca Monte dei Paschi di Siena, or MPS, was born when ...
In India the earliest paper money was issued by Bank of Hindostan (1770– 1832), General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91). [ 108 ] The use of banknotes issued by private commercial banks as legal tender has gradually been replaced by the issuance of bank notes authorized and controlled by national governments.
The bank's initial public offering in July of 1791 was the largest such event in the young country's history, as the $8 million of offered shares were quickly snapped up by the nation's elite.