The ancient city of Pingyao in the central part of China’s Shanxi Province has a history that dates back more than 2,700 years and is one of the two ancient cities in China listed as a World Cultural Heritage Site. And this small town was the birthplace of China's banking industry, and served as the financial center of the country in the late 19th and early 20th centuries. | The China Current

91K views · 378 reactions | In 1823, a young man named Lei Lyutai from Pingyao, Shanxi Province, invented a transaction method whereby rather than transporting actual silver - with all the risks that were entailed - a single promissory note was used instead. What he didn't expect was that this ingenious idea would transform ancient China's system of finance. So, that is how new economic vistas opened up - all thanks to a paper note! China's banking industry was on the rise! | CGTN | Facebook