During the Ming and Qing Dynasties, merchants organized commercial groups that engaged in business nationwide, with Shanxi Province having some of the most important ones and Pingyao as the center. The Xiyucheng dye store on Xi Da Jie dealt in remittance and in 1824 became the first draft bank in China, dealing in bank drafts rather than in silver or gold money. Known as Rishengchang (Sunrise Prosperity), it was the cornerstone of modern Chinese banking.