During the Ming and Qing Dynasties, merchants organized commercial groups that engaged in business nationwide, with Shanxi Province having some of the most important ones and the city of Pingyao as the center. The Xiyucheng dye store on Xi Da Jie dealt in remittance and in 1824 became the first draft bank in China, dealing in bank drafts rather than in silver or gold money. Known as Rishengchang (Sunrise Prosperity), it was the cornerstone of modern Chinese banking.
During the hundred years that draft banking lasted in China, Pingyao became the central hub of these activities even as other local merchants opened similar banks. Branch banks were soon set up in major cities in China and in Asia, leading to great Pingyao's subsequent economic, cultural and societal development. Courtyards became more ornate, streets, shops and stores were developed, enlarged or improved, and its products, such as lacquer ware and clay sculptures became more well-known.
