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| Lei Lyutai (1770-1849) |
Lei Lvtai, founder of China's first draft bank, was born in a merchant family in Pingyao, Shanxi province in 1770. Lei, who worked in a money shop, realized the inconvenience of transporting silver dollars (China's old currency) through long distances and started a new business specializing in silver exchange.
He established the Rishengchang Exchange Shop, China's first draft bank in 1824, setting the basis for the country's modern banking system.
