The History of HSBC, the British Banking Legacy, and China's Wealth

Today on Making Money Friday we cover a history of the Hongkong and Shanghai Banking Corporation. SBC was founded in 1865 by British merchant Thomas Sutherland in Hong Kong and Shanghai to finance growing trade between Europe and Asia during the height of the British Empire. While linked to colonial commerce—including the opium trade—it was a private venture, not state-owned. After China’s economic reforms, HSBC expanded operations in the mainland, benefiting from its growth. The Chinese government did not take over HSBC. Although it remains a UK-headquartered global bank. China’s rise, driven by industrialization and trade, has now positioned itself among the world’s wealthiest nations building upon the legacy of British mercantilism.
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