The Sino-Foreign Financial Grid in Prewar Shanghai
The Sino-Foreign Financial Grid in Prewar Shanghai
This chapter discusses the Sino-foreign financial grid in prewar Shanghai. The implications of Chinese central and provincial government intemperance were such that Shanghai soon became one of the only places in early twentieth-century China where the convertibility of paper money was standardized. British, European, and Japanese banks could readily lay down funds in the treaty ports because they had cultivated exclusive relationships with established foreign trading houses, ever ready to exchange local money for sterling bills. The banks were otherwise much better capitalized than the diffuse moneyshops and the credit they advanced re-invigorated treaty-port trade, which had often lapsed into barter patterns in the early 1850s. At the same time, foreign banks identified opportunities afforded by China's fragmented money markets and political instability.
Keywords: China, Shanghai, finance, government, banks, trade
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