China's private banking system, called Qianzhuang Bank in the early days, came into being in the Ming Dynasty. In the later period, Shanxi merchants had their own system called banks, where people engaged in business conducted financial transactions and borrowed money from various banks. During the Republic of China, banks handled non-ferrous metals and precious metals, as well as bonds and stocks. These types are the embryonic form of early banks and the performance of business progress.

During the Republic of China, there was an official bank in China, and the Bank of China had all the rights of an official bank and issued money. However, at that time, it was a period of warlord separatism, and many warlords also had their own banks. In Zhangbei, Northeast China, there is a bank that issues local currency called Northeast Bank.