HSBC and Its Note Issue in Shanghai, 1866–1925
HSBC and Its Note Issue in Shanghai, 1866–1925
This chapter discusses the different aspects of the Hong Kong and Shanghai Banking Cooperation (HSBC) and its note issue in Shanghai. Banknotes first issued by the HSBC in 1866 helped resuscitate financial markets during the late Imperial era and the demand for these banknotes shot up amid the political and economic disintegration that typified warlordism in the early Republican period. The fiduciary principles in the HSBC Ordinance were partly inspired by nineteenth-century Scottish banking practices, whereby private banks enjoyed lucrative note-issue prerogatives. The surging popularity of quasi-foreign notes in China coincided with the phase-out of HSBC's Southeast Asian issue in the 1910s. The Banks' argumentation had to be adapted to suit the tastes of Treasury regulators, whose main concern, during that period, was the money supply in colonial Hong Kong.
Keywords: China, HSBC, banknote, financial markets, finance
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