In relation to issuance, Shanghai branch firstly issued the national convertible note in 1917. When Shanghai note circulated to middle and lower reaches of the Changjiang River, encashment office set up respectively. 就发行业务来看,上海分行于1917年率先发行兑换券。中行沪券的流通范围扩展至长江中下游地区后,带动了各地沪券兑换处的设立。