Private banks that emerged in the Ming and flourished in the Qing, clustered in commercial centers like Shanghai, Ningbo, and Shaoxing. They issued their own 银票 banknotes and handled 汇兑 (remittance). Phased out after 1949 as the state banking system consolidated.
usage
In modern news, 地下钱庄 ('underground 钱庄') refers to illegal shadow-banking operations - often used for capital-flight money laundering and foreign-exchange evasion.
