Pingyao: A walk through historic China
For cnturies South Street was also the main commercial avenue in Pingyao, and some of its businesses still occupy buildings going back hundreds of years. A whole variety of trading goes on along its course with outlets selling snacks as well as paintings, wooden furniture, calligraphy and more. On busy days it can feel like being back in some older crowded bazaar.
Historically Pingyao was at the center of trade links created by its merchants extensively across China and even venturing overseas, making it the heart of Shanxi’s prosperity and even of China’s banking industry. In 1832 the first piaohao, or exchange house, opened in Pingyao, providing remittance services, accepting deposits and offering loans. It was named Rishengchang, or Sunrise Prosperity, and known as the “Father of the Bank in China”. It continued operations until finally closing in 1932. Located within a former private courtyard, it can be visited and indeed provides a fascinating learning experience. Rishengchang went on to establish 43 branches across China with others opening overseas including Japan, Singapore and Russia. Ultimately over 50 percent of China’s piaohao had their headquarters in Pingyao.
