The ancient city is in Pingyao County, Shanxi Province. The city wall was first built during the Zhou Dynasty (11th century - 256 B.C.) and was expanded in 1370, the third year of the reign of Ming Emperor Hongwu. Since 1997, it has been listed as a World Heritage Site. Now Pingyao city is the only one in China completely reserved as it was hundreds of years ago, no modern buildings, only narrow stone-plate street with many Chinese-style shops on the two sides.

Located on the trade route between Beijing and Xi'an, Pingyao developed into a merchant center where enterprising locals set up the nation's earliest banks. These institutions were the first in China to use checks, and business peaked in the 19th Century, when the city was the undisputed financial center of the Qing government.

Several old courtyards have been turned into museums, most notably the homes and offices of Pingyao's old tongs, or banks. One of the most remarkable aspects of a visit here is realizing that this remote place was immensely important to China's financial history.