First steps in China's banking industry

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In 1823, a young man named Lei Lyutai from Pingyao, Shanxi Province, invented a transaction method where, rather than transporting actual silver with all the risks that it 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. New economic vistas opened up, thanks to a paper note. The rise of China's banking industry began.