In the early days, most banks were wholly-owned or partnership organizations. Large-scale banks can not only handle deposits and loans, but also issue bank notes and banknotes, which can be converted into money. Small banks only engage in exchange business, commonly known as "money houses".

1933, the monetary unit was changed from "two" to "yuan". At that time, because silver and silver dollar were used together, there must be a conversion rate. But the calculation is very complicated, and the conversion rate fluctuates up and down, just like the rise and fall of foreign exchange. First, a silver dollar should be converted into a "gauge". The gauge yuan is also called "bean gauge silver" (used by bean traders when trading) and "98 gauge yuan". The so-called "gauge yuan" has no real money and is only used for bookkeeping. Corresponding to this is the Shanghai "Erqi Yin Bao" crew. When "February 27 Yin Bao" is used, it will appreciate in "September 8", that is, "gauge yuan". The conversion ratio of silver dollar to standard yuan is called "foreign cents", for example, "foreign cents" is 7.225, that is, 1 silver dollar can be converted into standard yuan of 7 dollars, 2 cents and 2.5 cents. The conversion rate of foreign exchange is announced by the currency trade association every morning and afternoon, and the fluctuation varies with the supply and demand of silver dollars in the market that day.

In the late Qing Dynasty, banks gradually emerged, replacing private banks. After liberation, most banks closed down. Banks that have not closed down in Shanghai, together with private banks and trust companies, implement public-private partnerships and form joint venture banks.