In 1782, King Rama I succeeded to the throne and founded the Chakri Dynasty, and he decided to move the capital across the river to Bangkok as it would be better protected from attack.[5] The site chosen for the palace is situated between two old wats, Wat Pho and Wat Mahathat, an area inhabited by Chinese residents who were then moved to the present Chinatown.[6] He started the construction of the Grand Palace so that the palace may be ready for his coronation in 1785. Wat Phra Kaew, which has its own compound within the precinct of the palace, was built to house the Emerald Buddha, which is considered a sacred object that provides protection for the kingdom. It was completed in 1784.[1][7] The formal name of Wat Phra Kaeo is Phra Sri Rattana Satsadaram, which means "the residence of the Holy Jewel Buddha.