Foreign Bank Notes and Drafts in China

Stephen Tai
Mar.01, 1998

Bank Note of 100 Piastres, Issued by Bank of Indochina

Bill of Exchange (Draft), Issued in October, the 5^th, 1905, by ISHIGAWA AND COMPANY in Tokyo Japan, for the payment of 2,345.48 Japanese Yen to the American Cigarette Co. Ltd., which was payable by the Yokohama Specie Bank, limited, Shanghai Branch in China, 10 days after sight.

In late Ching Dynasty foreign countries brought into China not only their silver coins, but also bank notes issued by them and/or their agencies, located in China or their Asian colonies.
The shown bank note was issued by Bank of Indochina in Vietnam, a protectorate of France since 1886. It had been circulated in the southwest China during late Ching Dynasty and early Ming Kuo period.
In addition to silver coins and bank notes, foreign countries also aggressively applied their banking and monetary systems into China, with respect to support their own commercial activities in the areas, and to maximize their control over this sleeping dragon. The shown Bill of Exchange is a draft issued from Tokyo in 1905 by a Japanese company to the American Cigarette Co. Ltd. in Shanghai for their payment. The draft indicates that Specie Bank, a Japanese Bank had already set up its Shanghai branch, which was enable them to undertake such international exchange business. Up to that time, there were no Chinese bank, private or official, being capable of handling the same.

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