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{{short description|Central bank of the Qing dynasty}}
{{short description|Central bank of the Qing dynasty}}
[[File:北京大清户部银行旧址 2021-09-03.jpg|thumb|right|Former street entrance to the {{ill|Ta-Ching Bank head office complex|zh|大清戶部銀行舊址}} on West Jiaomin Lane in [[Beijing]]]]
[[File:北京大清户部银行旧址 2021-09-03.jpg|thumb|right|Former street entrance to the {{ill|Da-Qing Bank head office complex|zh|大清戶部銀行舊址}} on West Jiaomin Lane in [[Beijing]]]]
The '''Ta-Ching Bank''' ({{zh|t=大清銀行|s=大清银行}}, '''Daqing Bank''' in [[pinyin]]), full name from 1905 to 1908 '''Ta-Ching Hubu Bank''' (大清戶部銀行), was a government agency established by the [[Qing dynasty]] in 1905 and intended to serve as China's [[central bank]] as well as a major [[commercial bank]]. It issued [[Banknotes of the Ta-Ching Government Bank|banknotes]] that were intended to unify the Qing dynasty's currency system.
The '''Da-Qing Bank''' ({{zh|t=大清銀行|s=大清银行}}, '''Ta-Ching Bank''' in [[Wade–Giles]] romanization, also '''Hubu Bank''' or '''Hupu Bank''') was a state-controlled entity established by the [[Qing dynasty]] in 1905 to serve as Imperial China's first [[central bank]].<ref>{{cite web |url=https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10437944/ |date={{date|2023/08/18}} |author=Georg Orlandi |website=National Library of Medicine |title=Structural-demographic analysis of the Qing Dynasty (1644–1912) collapse in China}}</ref> It issued [[Banknotes of the Ta-Ching Government Bank|banknotes]] that were intended to unify the Qing dynasty's currency system. In 1912 following the [[Xinhai Revolution]], the [[Bank of China]] was created to take over the role of the Da-Qing Bank, which was liquidated in an orderly manner.<ref>{{cite web |url=https://www.boc.cn/en/aboutboc/ab7/200809/t20080926_1601882.html |website=Bank of China |title=The Republic of China and Bank of China: Keeping Pace with History (1912)}}</ref>

In 1912 following the [[Xinhai Revolution]], the Ta-Ching Bank evolved into the [[Bank of China]].


==Name==
==Name==


The bank's name "Da Qing yinhang" literally translates as "Great Qing Bank" or "Bank of the Great Qing", with "Great Qing" being synonymous with the Chinese Empire under the Qing dynasty. Western scholars commonly use the name Da-Qing Bank.<ref>{{citation |author=Georgia A. Mickey |year=2012 |pages=139-160 |url=https://www.tandfonline.com/doi/abs/10.1179/1521538512Z.0000000003 |journal=Twentieth-Century China |issue=37:2 |title="Safeguarding National Credibility": Founding the Bank of China in 1912}}</ref>
Ta-Ching (Daqing, {{lit|Great Qing}}) was another name for the Qing Dynasty. Hubu was the Chinese word for the [[Ministry of Revenue (imperial China)|Imperial Ministry of Revenue]].

From 1905 to 1908, the bank's full name was name was "Great Qing Bank of the [[Ministry of Revenue (imperial China)|Ministry of Revenue]]" (Da Qing hubu yinhang, {{lang-zh|大清戶部銀行}}), also sometimes referred to as Hubu Bank or (in Wades-Giles romanization) Hupu Bank.<ref>{{cite web |website=China Briefing |url=https://www.china-briefing.com/news/a-brief-history-of-the-bank-of-china/ |date={{date|2008/04/17}} |title=A Brief History of the Bank of China}}</ref>


== History ==
== History ==
[[File:First Headquarters of Bank of China, Dec 2017.jpg|thumb|Former office of the Ta-Ching Government Bank in [[Shanghai]], photographed in 2017]]
[[File:First Headquarters of Bank of China, Dec 2017.jpg|thumb|Former office of the Da-Qing Bank in [[Shanghai]], photographed in 2017]]


During the later part of the Qing dynasty era there was a discussion on whether or not the imperial Chinese government would have to establish a [[central bank|national bank]] which it finally did in 1905. [[Peng Shu]] (彭述) stated before the introduction of new banknotes that the national bank would have to keep sufficient reserves in "touchable" money (現金) at all times. The large number of private notes that were being produced all over the empire was to be restricted by introducing a stamp duty (印花稅). The reformer [[Liang Qichao]] campaigned for the government of the Qing dynasty to emulate the [[Western world]] and [[Japanese Empire|Japan]] by embracing the [[gold standard]], unify refractory the currencies of China, and issue government-backed banknotes with a ⅓ metallic reserve.<ref>Hou Houji (侯厚吉), Wu Qijing (吴其敬) (1982) ''Zhongguo jindai jingji sixiang shigao'' (中國近代經濟思想史稿). Heilongjiang renminchubanshe, [[Harbin]], vol. 3, pp. 322–339. (in [[Mandarin Chinese]]).</ref> In 1904 the [[Ministry of Revenue (imperial China)|Ministry of Revenue]] had officially authorised the creation of a central bank.<ref name="ChinaBriefingBankOfChina">{{cite web|url= https://www.china-briefing.com/news/a-brief-history-of-the-bank-of-china/ |title= A Brief History of the Bank of China.|date=17 April 2008|access-date=6 January 2020|author= Unlisted|publisher= China-Briefing|language=en}}</ref> At the time of its establishment, China was still on the [[silver standard]].<ref name="CATOInstituteSoundMoney">{{cite web|url= https://www.cato.org/blog/importance-sound-money-banking-lessons-china-1905-1950|title= The Importance of Sound Money and Banking: Lessons from China, 1905 – 1950.|date=8 January 2016|access-date=6 January 2020|author= James A. Dorn|publisher= [[Cato Institute]]|language=en}}</ref> The Ta-Ching Government Bank was primarily created to help finance government deficits by issuing paper money.<ref name="CATOInstituteSoundMoney"/>
During the later part of the Qing dynasty era there was a discussion on whether or not the imperial Chinese government would have to establish a [[central bank|national bank]] which it finally did in 1905. [[Peng Shu]] (彭述) stated before the introduction of new banknotes that the national bank would have to keep sufficient reserves in "touchable" money (現金) at all times. The large number of private notes that were being produced all over the empire was to be restricted by introducing a stamp duty (印花稅). The reformer [[Liang Qichao]] campaigned for the government of the Qing dynasty to emulate the [[Western world]] and [[Japanese Empire|Japan]] by embracing the [[gold standard]], unify refractory the currencies of China, and issue government-backed banknotes with a ⅓ metallic reserve.<ref>Hou Houji (侯厚吉), Wu Qijing (吴其敬) (1982) ''Zhongguo jindai jingji sixiang shigao'' (中國近代經濟思想史稿). Heilongjiang renminchubanshe, [[Harbin]], vol. 3, pp. 322–339. (in [[Mandarin Chinese]]).</ref> In 1904 the [[Ministry of Revenue (imperial China)|Ministry of Revenue]] had officially authorised the creation of a central bank.<ref name="ChinaBriefingBankOfChina">{{cite web|url= https://www.china-briefing.com/news/a-brief-history-of-the-bank-of-china/ |title= A Brief History of the Bank of China.|date=17 April 2008|access-date=6 January 2020|author= Unlisted|publisher= China-Briefing|language=en}}</ref> At the time of its establishment, China was still on the [[silver standard]].<ref name="CATOInstituteSoundMoney">{{cite web|url= https://www.cato.org/blog/importance-sound-money-banking-lessons-china-1905-1950|title= The Importance of Sound Money and Banking: Lessons from China, 1905 – 1950.|date=8 January 2016|access-date=6 January 2020|author= James A. Dorn|publisher= [[Cato Institute]]|language=en}}</ref> The Da-Qing Bank was primarily created to help finance government deficits by issuing paper money.<ref name="CATOInstituteSoundMoney"/>


At the end of 1905 the Ta-Ching Bank of the Ministry of Revenue (大清戶部銀行) was founded, and the production of the banknotes was entrusted to the prints of the [[Beiyang Newspaper]] (北洋報局) in [[Northern China]].<ref name="QingPaperMoney">{{cite web|url= http://www.chinaknowledge.de/History/Terms/money-qing-baochao.html|title= Qing Period Paper Money.|date=13 April 2016|access-date=27 March 2019|author= Ulrich Theobald|publisher= [[Chinaknowledge]].de|language=en}}</ref> The Ta-Ching Government Bank was the earliest officially opened national bank in China, and it opened its first office in the capital city of [[Beijing]] on September 27, 1905 ([[Guangxu Emperor|Guangxu]] 31).<ref name="ChinaBriefingBankOfChina"/> The newly established national bank had a dual nature of being both a central bank and a [[commercial bank]].<ref name="Pay2ThailandCommercialBankOfChina">{{cite web|url= http://www.pay2thailand.com/Commercial-Bank-China.htm|title= Mega International Commercial Bank PCL.|date=6 January 2020|access-date=6 January 2020|author= Unlisted|publisher= Pay2Thailand.com|language=en}}</ref><ref name=SinaHubuBank>{{cite web|title=清末民初的大清银行兑换券|url=http://collection.sina.com.cn/wjs/xt/2016-12-05/doc-ifxyiayr9103239.shtml|publisher=新浪|access-date=2017-03-15|date=2016-12-05|language=zh-cn}}</ref>
At the end of 1905 the Bank of the Ministry of Revenue of Great Qing (大清戶部銀行) was founded, and the production of the banknotes was entrusted to the prints of the [[Beiyang Newspaper]] (北洋報局) in [[Northern China]].<ref name="QingPaperMoney">{{cite web|url= http://www.chinaknowledge.de/History/Terms/money-qing-baochao.html|title= Qing Period Paper Money.|date=13 April 2016|access-date=27 March 2019|author= Ulrich Theobald|publisher= [[Chinaknowledge]].de|language=en}}</ref> The Da-Qing Government Bank was the earliest officially opened national bank in China, and it opened its first office in the capital city of [[Beijing]] on September 27, 1905 ([[Guangxu Emperor|Guangxu]] 31).<ref name="ChinaBriefingBankOfChina"/> The newly established national bank had a dual nature of being both a central bank and a [[commercial bank]].<ref name="Pay2ThailandCommercialBankOfChina">{{cite web|url= http://www.pay2thailand.com/Commercial-Bank-China.htm|title= Mega International Commercial Bank PCL.|date=6 January 2020|access-date=6 January 2020|author= Unlisted|publisher= Pay2Thailand.com|language=en}}</ref><ref name=SinaHubuBank>{{cite web|title=清末民初的大清银行兑换券|url=http://collection.sina.com.cn/wjs/xt/2016-12-05/doc-ifxyiayr9103239.shtml|publisher=新浪|access-date=2017-03-15|date=2016-12-05|language=zh-cn}}</ref>


In 1906 the government of the Qing dynasty sent students to Japan to be educated about modern printing techniques, with the aim to have the [[Shanghai Commercial Press]] print the cheques of the Ministry's Bank.<ref name="QingPaperMoney"/> The [[Shanghai]] branch of the Ta-Ching Government Bank was located at 3–5, Hankou Road.<ref name="ChinaBriefingBankOfChina"/> In 1907 it opened its [[Jinan]] branch.<ref name="ChinaBriefingBankOfChina"/>
In 1906 the government of the Qing dynasty sent students to Japan to be educated about modern printing techniques, with the aim to have the [[Shanghai Commercial Press]] print the cheques of the Ministry's Bank.<ref name="QingPaperMoney"/> The [[Shanghai]] branch of the Da-Qing Bank was located at 3–5, Hankou Road.<ref name="ChinaBriefingBankOfChina"/> In 1907 it opened its [[Jinan]] branch.<ref name="ChinaBriefingBankOfChina"/>


In 1912 the Ta-Ching Government bank was renamed to the [[Bank of China]] by government charter of the [[Beiyang government|new Republican government]].<ref name="ChinaBriefingBankOfChina"/>
In 1912 the Da-Qing Government bank was liquidated with its operations transferred to the [[Bank of China]], newly formed by government charter of the [[Beiyang government|new Republican government]].<ref name="ChinaBriefingBankOfChina"/>


== Banknotes ==
== Banknotes ==
{{Main|Banknotes of the Ta-Ching Government Bank}}
{{Main|Banknotes of the Ta-Ching Government Bank}}
[[File:10 Dollars - Ta-Ching Government Bank (1910, undated).jpg|thumb|right|A 10 [[Silver Dragon (coin)|dollar]] banknote issued by the Ta-Ching Government Bank depicting [[Zaifeng, Prince Chun]] issued in 1910.]]
[[File:10 Dollars - Ta-Ching Government Bank (1910, undated).jpg|thumb|right|A 10 [[Silver Dragon (coin)|dollar]] banknote issued by the Da-Qing Bank depicting [[Zaifeng, Prince Chun]] issued in 1910.]]


The Ta-Ching Bank of the Ministry of Revenue were still issuing two different types of banknotes, one series was denominated in "[[tael]]" (兩), these were known as the Yinliang Piao (銀兩票) and had the denominations of 1 tael, 5 taels, 10 taels, 50 taels, and 100 taels.<ref name="QingPaperMoney"/> The other series was denominated in "yuan" and were known as Yinyuan Piao (銀元票) and were issued in the denominations of 1 yuan, 5 yuan, 10 yuan, 50 yuan, and 100 yuan.<ref>Bruce, Colin - Standard Catalog of World Paper Money, Volume 1, [[Iola, Wisconsin|Iola]], [[Wisconsin]] 2005, [[Krause Publications]].</ref> In the year 1907 the Ta-Ching Bank of the Ministry of Revenue was renamed to the "Ta-Ching Government Bank" (大清銀行), accordingly the inscription on all banknotes had to be changed to reflect this.<ref name="QingPaperMoney"/> Because there is no advanced engraving technology for banknotes in China at the time and the banknotes that were printed by the Beiyang Newspaper's commercial press were both expensive to make and easy to imitate, the government of the Qing dynasty had later commissioned the [[American Bank Note Company]] to print new banknotes for the Ta-Ching Government Bank.<ref>孙浩. 美钞公司档案中李鸿章像大清银行兑换券承印始末[J]. 中国钱币, 2013(6):9-12. (in [[Mandarin Chinese]]).</ref>
The Da-Qing Bank issued two different types of banknotes, one series was denominated in "[[tael]]" (兩), these were known as the Yinliang Piao (銀兩票) and had the denominations of 1 tael, 5 taels, 10 taels, 50 taels, and 100 taels.<ref name="QingPaperMoney"/> The other series was denominated in "yuan" and were known as Yinyuan Piao (銀元票) and were issued in the denominations of 1 yuan, 5 yuan, 10 yuan, 50 yuan, and 100 yuan.<ref>Bruce, Colin - Standard Catalog of World Paper Money, Volume 1, [[Iola, Wisconsin|Iola]], [[Wisconsin]] 2005, [[Krause Publications]].</ref> In the year 1907 the Bank of the Ministry of Revenue was renamed to the Da-Qing Bank (大清銀行), accordingly the inscription on all banknotes had to be changed to reflect this.<ref name="QingPaperMoney"/> Because there is no advanced engraving technology for banknotes in China at the time and the banknotes that were printed by the Beiyang Newspaper's commercial press were both expensive to make and easy to imitate, the government of the Qing dynasty had later commissioned the [[American Bank Note Company]] to print new banknotes for the Da-Qing Bank.<ref>孙浩. 美钞公司档案中李鸿章像大清银行兑换券承印始末[J]. 中国钱币, 2013(6):9-12. (in [[Mandarin Chinese]]).</ref>


Following the Chinese tradition of issuing new money in a new reign, the [[Puyi|Xuantong]] administration had the design of the official Ta-Ching Government Bank paper notes somewhat changed to herald in the new emperor.<ref name="QingPaperMoney"/> The new design was inspired by the designs of the [[banknotes of the United States dollar]] of this era; some banknotes showed the portrait of [[Li Hongzhang]], and others depicted that of the emperor's father, [[Zaifeng, Prince Chun]], who was the sitting regent of the infant monarch.<ref name="QingPaperMoney"/> At the eve of the [[Xinhai Revolution]] in 1911, there were 5,400,000 tael worth of Yinliang banknotes circulating in China, and 12,400,000 yuan in Yinyuan banknotes.<ref name="QingPaperMoney"/>
Following the Chinese tradition of issuing new money in a new reign, the [[Puyi|Xuantong]] administration had the design of the official Da-Qing Bank paper notes somewhat changed to herald in the new emperor.<ref name="QingPaperMoney"/> The new design was inspired by the designs of the [[banknotes of the United States dollar]] of this era; some banknotes showed the portrait of [[Li Hongzhang]], and others depicted that of the emperor's father, [[Zaifeng, Prince Chun]], who was the sitting regent of the infant monarch.<ref name="QingPaperMoney"/> At the eve of the [[Xinhai Revolution]] in 1911, there were 5,400,000 tael worth of Yinliang banknotes circulating in China, and 12,400,000 yuan in Yinyuan banknotes.<ref name="QingPaperMoney"/>


==See also==
==See also==

Revision as of 08:44, 28 April 2024

Former street entrance to the Da-Qing Bank head office complex [zh] on West Jiaomin Lane in Beijing

The Da-Qing Bank (simplified Chinese: 大清银行; traditional Chinese: 大清銀行, Ta-Ching Bank in Wade–Giles romanization, also Hubu Bank or Hupu Bank) was a state-controlled entity established by the Qing dynasty in 1905 to serve as Imperial China's first central bank.[1] It issued banknotes that were intended to unify the Qing dynasty's currency system. In 1912 following the Xinhai Revolution, the Bank of China was created to take over the role of the Da-Qing Bank, which was liquidated in an orderly manner.[2]

Name

The bank's name "Da Qing yinhang" literally translates as "Great Qing Bank" or "Bank of the Great Qing", with "Great Qing" being synonymous with the Chinese Empire under the Qing dynasty. Western scholars commonly use the name Da-Qing Bank.[3]

From 1905 to 1908, the bank's full name was name was "Great Qing Bank of the Ministry of Revenue" (Da Qing hubu yinhang, Chinese: 大清戶部銀行), also sometimes referred to as Hubu Bank or (in Wades-Giles romanization) Hupu Bank.[4]

History

Former office of the Da-Qing Bank in Shanghai, photographed in 2017

During the later part of the Qing dynasty era there was a discussion on whether or not the imperial Chinese government would have to establish a national bank which it finally did in 1905. Peng Shu (彭述) stated before the introduction of new banknotes that the national bank would have to keep sufficient reserves in "touchable" money (現金) at all times. The large number of private notes that were being produced all over the empire was to be restricted by introducing a stamp duty (印花稅). The reformer Liang Qichao campaigned for the government of the Qing dynasty to emulate the Western world and Japan by embracing the gold standard, unify refractory the currencies of China, and issue government-backed banknotes with a ⅓ metallic reserve.[5] In 1904 the Ministry of Revenue had officially authorised the creation of a central bank.[6] At the time of its establishment, China was still on the silver standard.[7] The Da-Qing Bank was primarily created to help finance government deficits by issuing paper money.[7]

At the end of 1905 the Bank of the Ministry of Revenue of Great Qing (大清戶部銀行) was founded, and the production of the banknotes was entrusted to the prints of the Beiyang Newspaper (北洋報局) in Northern China.[8] The Da-Qing Government Bank was the earliest officially opened national bank in China, and it opened its first office in the capital city of Beijing on September 27, 1905 (Guangxu 31).[6] The newly established national bank had a dual nature of being both a central bank and a commercial bank.[9][10]

In 1906 the government of the Qing dynasty sent students to Japan to be educated about modern printing techniques, with the aim to have the Shanghai Commercial Press print the cheques of the Ministry's Bank.[8] The Shanghai branch of the Da-Qing Bank was located at 3–5, Hankou Road.[6] In 1907 it opened its Jinan branch.[6]

In 1912 the Da-Qing Government bank was liquidated with its operations transferred to the Bank of China, newly formed by government charter of the new Republican government.[6]

Banknotes

Main article: Banknotes of the Ta-Ching Government Bank
A 10 dollar banknote issued by the Da-Qing Bank depicting Zaifeng, Prince Chun issued in 1910.

The Da-Qing Bank issued two different types of banknotes, one series was denominated in "tael" (兩), these were known as the Yinliang Piao (銀兩票) and had the denominations of 1 tael, 5 taels, 10 taels, 50 taels, and 100 taels.[8] The other series was denominated in "yuan" and were known as Yinyuan Piao (銀元票) and were issued in the denominations of 1 yuan, 5 yuan, 10 yuan, 50 yuan, and 100 yuan.[11] In the year 1907 the Bank of the Ministry of Revenue was renamed to the Da-Qing Bank (大清銀行), accordingly the inscription on all banknotes had to be changed to reflect this.[8] Because there is no advanced engraving technology for banknotes in China at the time and the banknotes that were printed by the Beiyang Newspaper's commercial press were both expensive to make and easy to imitate, the government of the Qing dynasty had later commissioned the American Bank Note Company to print new banknotes for the Da-Qing Bank.[12]

Following the Chinese tradition of issuing new money in a new reign, the Xuantong administration had the design of the official Da-Qing Bank paper notes somewhat changed to herald in the new emperor.[8] The new design was inspired by the designs of the banknotes of the United States dollar of this era; some banknotes showed the portrait of Li Hongzhang, and others depicted that of the emperor's father, Zaifeng, Prince Chun, who was the sitting regent of the infant monarch.[8] At the eve of the Xinhai Revolution in 1911, there were 5,400,000 tael worth of Yinliang banknotes circulating in China, and 12,400,000 yuan in Yinyuan banknotes.[8]

See also

References

  1. ^ Georg Orlandi (18 August 2023). "Structural-demographic analysis of the Qing Dynasty (1644–1912) collapse in China". National Library of Medicine.
  2. ^ "The Republic of China and Bank of China: Keeping Pace with History (1912)". Bank of China.
  3. ^ Georgia A. Mickey (2012), ""Safeguarding National Credibility": Founding the Bank of China in 1912", Twentieth-Century China (37:2): 139–160
  4. ^ "A Brief History of the Bank of China". China Briefing. 17 April 2008.
  5. ^ Hou Houji (侯厚吉), Wu Qijing (吴其敬) (1982) Zhongguo jindai jingji sixiang shigao (中國近代經濟思想史稿). Heilongjiang renminchubanshe, Harbin, vol. 3, pp. 322–339. (in Mandarin Chinese).
  6. ^ a b c d e Unlisted (17 April 2008). "A Brief History of the Bank of China". China-Briefing. Retrieved 6 January 2020.
  7. ^ a b James A. Dorn (8 January 2016). "The Importance of Sound Money and Banking: Lessons from China, 1905 – 1950". Cato Institute. Retrieved 6 January 2020.
  8. ^ a b c d e f g Ulrich Theobald (13 April 2016). "Qing Period Paper Money". Chinaknowledge.de. Retrieved 27 March 2019.
  9. ^ Unlisted (6 January 2020). "Mega International Commercial Bank PCL". Pay2Thailand.com. Retrieved 6 January 2020.
  10. ^ "清末民初的大清银行兑换券" (in Chinese (China)). 新浪. 2016-12-05. Retrieved 2017-03-15.
  11. ^ Bruce, Colin - Standard Catalog of World Paper Money, Volume 1, Iola, Wisconsin 2005, Krause Publications.
  12. ^ 孙浩. 美钞公司档案中李鸿章像大清银行兑换券承印始末[J]. 中国钱币, 2013(6):9-12. (in Mandarin Chinese).
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