Lei Lutai

Lei Lutai was born and raised in a humble merchant family in Pingyao county. Since his family had money issues Lei was forced to work as an apprentice in various shops from the early age. Working at the money shop “Xi Yu Cheng” owned by Li gave him a valuable insight into business opportunities. Business operations were conducted in the unsophisticated manner and Lei got an idea how it can change. In 1823 he opened “Rei Sheng Chang Piaohao” (“the rising sun”) offering a money draft or bank draft as the alternative to the physical transportation of heavily weighted coins. This invention facilitated the business activities and made it safer. “Rei Sheng Chang Piaohao” played an important role in development of modern Chinese banking. It survived for 108 years until its collapse in 1932.