The first topic that Zhu Youxiao handed over to the cabinet for study was the issue of banking, because if you want to rapidly develop the economy, especially heavy industry, you must have strong financial support, and scattered individual forces are simply not capable of opening large-scale factories. The primitive accumulation of modern capitalist industrialization was bloody, with "sheep eating people" in Britain, "plunder permits" for Vikings, and brutal exploitation of the colonies. The industrial development of the United States was based on the almost extinction of the indigenous peoples and the death of countless African black slaves, and the tragic history of Chinese workers was also the basis for the economic take-off of the United States.

Zhu Youxiao is a civilized person with a modern spirit, he does not want to repeat these bloody and criminal roads, he wants to take a peaceful and primitive accumulation road, that is, capital gathering, establish a sound banking mechanism, take advantage of the characteristics of the Ming Dynasty with a large number of people and like to accumulate, concentrate sporadic and idle funds in the bank, and then use this as a link to use new technology to develop a modern industrial base, just like the United States in later generations with a strong army as a guarantee, with economic means to seek benefits from all over the world.

The bank that Zhu Youxiao will set up is a bank of modern significance, which will have the functions of storage, lending, and transaction transfer, so as to avoid the circulation of a large amount of cash in the market, reduce the probability of being hijacked and robbed, and also relieve the imperial court from paying energy for this purpose. Zhu Youxiao's method is to use silver dollars and copper coins for small settlements, and bank checks for large transactions. Because the general price of commodities is not too high now, and there are not too many large transactions, Zhu Youxiao designed the currency value in a way that copper and silver dollars are matched. In order to ensure that the phenomenon of bad money in the market is driven out of the positive currency, Zhu Youxiao decided to prohibit the minting of copper coins without permission, and the bank will use advanced hydraulic presses by the mint to cast copper and silver dollars, which are currently impossible for private individuals to imitate, and the mold for casting these coins Zhu Youxiao has let Song Yingxing develop it, the maximum value of the silver dollar is five taels, which is enough to circulate in the market, and the smallest copper is a penny, which every child can recognize. As for the exchange ratio of copper coins and silver dollars, Zhu Youxiao handed it over to the bank to convert it himself, because Zhu Youxiao himself did not know the specific value and could not make a specific ratio, so he handed it over to the professionals.

Zhu Youxiao handed over his idea to the cabinet for discussion, and also wanted to prove whether the cabinet he set up would satisfy him. In fact, Zhu Youxiao also knew that the political system of the Ming Dynasty was very advanced compared to the rest of the world now, but the advanced system was artificially destroyed and could not adapt to the current social level development. Zhu Youxiao wanted to change the method of implementation a little to suit the current level of development of the productive forces, lest the emperor's decree could only become a central decree, as was the case in history, without the support of the cabinet, and could not be implemented with seals.

Ye Xianggao and Sun Chengzong understood Zhu Youxiao's intentions very well, and he tried his best to explain the significance of modern banks to the Ming Dynasty at the cabinet meeting, giving people the feeling that only by establishing the national bank of the Ming Dynasty can the country develop rapidly, in fact, this is also infinitely close to the current development reality. Han Yi and Zhao Nanxing did not understand the significance of modern banks at all, but only asked whether the opening of state and private banks would compete with the people for profit, in fact, whether it would affect the interests of local businessmen in Jiangsu and Zhejiang. Sun Chengzong explained to them that the purpose of establishing the National Bank was to unify the country's currency, and that the manufacture of money would be more standardized, not only would it not affect the interests of merchants, but also that when merchants needed to develop, they could borrow from banks at lower interest rates. In addition, if the businessman himself is strong, he can also set up a private bank on his own, but he must pay a deposit to the National Bank to avoid a run on the bankruptcy that will affect the interests of depositors, and at the same time must comply with the various policies and systems established by the National Bank. The National Bank is the bank of banks, which is only responsible for formulating policies and providing loans for projects related to the national economy and people's livelihood, while ordinary private banks are responsible for lending to private businessmen.

The cabinet meeting passed the issue of establishing a bank in the territory of the Ming Dynasty by an absolute vote in favor, and unanimously elected Yang Lian as the first president of the State Bank, responsible for managing the specific affairs of the State Bank. Private banks, on the other hand, must be joint-stock banks, and it is clearly stipulated that all loan accounts must be made public for the National Bank to supervise and ensure the safety of the property of savings customers.

Yang Lian, who is already 50 years old this year, never thought that he would be appointed as the president of the State Bank, he had just stayed in the position of governor of Yangzhou for a year, and he was working hard, Yangzhou's salt tax management method had just been popularized throughout the country, and he had not yet seen the official experimental results, but the holy decree had arrived, so he had to arrange the work to the subordinate deputies, and the various systems had been basically perfected, as long as they were strictly implemented, waiting for the judgment of the officials of the household department at the end of the year.

Yang Lian basically did not understand the rules of modern banks, so Zhu Youxiao patiently told him about the functions and operation methods of modern banks, the different functions and business relationships between national banks and local banks, and then asked him to go to the Daming official school to consult teachers who knew these knowledge to discuss the specific implementation plan. However, after all, Yang Lian is an elite figure of this era, not a rotten Confucian who only knows how to read sage books, and he was born in the economically developed south, so he still has a certain understanding of business behavior. So after a few months of study, Yang Lian from the local money village to dig a part of the elite, these people are proficient in the business of private commercial lending, and from the Ming official school school and Daming technical school to draw a group of students, basically completed the Ming National Bank personnel framework, these people are the backbone of the force, after systematic training, and then from the local to recruit some literate, can settle accounts of the staff, let these backbone force to train them modern banking knowledge.

Yang Lian's efforts finally came to fruition at the end of the year, and the Daming National Bank was established, the main function of which was to manage all financial affairs in the territory, including: coinage, monetary policy, settlement between banks, currency issuance, gold and silver quality appraisal, and acting as an agent for the treasury. From now on, all the salaries of officials in the Ming Dynasty will be issued by the Ming National Bank, and all the assets of the officials will be under the management of the Ming National Bank. In this way, officials of the Ming Dynasty who want to obtain illegal income will be directly exposed to the eyes of the supervision agency, thus reducing the probability of corruption.

Under the guidance of the policy of the National Bank of the Ming Dynasty, various private banks were quickly established, and the Tenglong Bank with royal colors was the largest private bank jointly funded by Zhu Youxiao and the feudal kings with royal blood in China, with a capital of 10 million taels of silver; The Bank of Jiangsu and Zhejiang, which has the color of the bank, is a bank established by the bank of the bank of Jiangsu and Zhejiang, with a capital of 6 million; Shanxi Bank, which was jointly established by Jin merchants and local money banks, has a capital of 5 million; The Guangzhou Merchant Bank was jointly funded by businessmen from Guangxi and Guangzhou, with the Quanzhou Bank established in Fujian and the Huishang Bank established by Anhui merchants. There are also other local banks formed with a mix of various systems, and the managers of these banks have been trained by the Daming National Bank and are proficient in all interbank operations without causing turmoil in the market.