The People's Bank of China

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  • Topic: Banks of the People's Republic of China, Bank, Central bank
  • Pages : 8 (1916 words )
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  • Published : December 19, 2010
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People’s Bank of China
The People’s Bank of China is the is the central bank of People’s Republic of China with the power to control monetary policy and regulate the financial institutions in mainland China. The People’s Bank of China has more financial assets than any other single public finance institution in world history. History:

The bank was established on December 1, 1948 based on consolidation of Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. The headquarter was first located in Shijiazhuang, Hebei and then moved to Beijing in 1949. Between 1949 and 1978 the PBC was the only bank in People’s Republic of China and was responsible for both central banking and commercial banking operations. In the 1980, as part of economic reform, the commercial banking functions of the PBC were split off into four independent but state owned banks and in 1983, the State Council promulgated that the PBC would function as the central bank of China. Its central bank status was legally confirmed on March 18, 1995 by the 3rd Plenum of the 8th National People’s Congress. In 1998, the PBC underwent a major restructuring. All provincial and local branches were abolished, and the PBC opened nine regional branches, whose boundaries did not correspond to local administrative boundaries. In 2003, the standing committee of the 10th National People’s Congress approved an amendment law for strengthening the role of PBC in the making and implementation of monetary policy for safeguarding the overall financial stability and provision of financial services. Management:

The top management of PBC is composed of the governor and a certain number of deputy governors. The governor of the PBC is appointed into or removed from office of the President of People’s Republic of China. The candidate for the governor of PBC is nominated by the Premier of the State Council and approved by the People’s National Congress. The deputy governors of the PBC are appointed into or removed from office by the Premier of the State Council. The PBC adopts a governor responsibility system under which the governor supervises the overall work of the PBC while the deputy governors provide assistance to the governor to fulfill his or her responsibility. The current governor is Zhou Xiaochuan. Other high ranking deputies include Wang Hongzhang, Hu Xiaolian, Liu Shiyu, Ma Delun, Yi Gang, Du Jinfu, Li Dongrong, Guo Qingping.

Structure:
The PBC has established 9 regional branches respectively in Tianjin, Shenyang, Shanghai, Nanjing, Jinan, Wuhan, Guangzhou, Chengdu and Xi’an, 2 operations offices in Beijing and Chongqing, 303 municipal sub branches and 1809 county level sub branches. It has 6 overseas representative offices PBC Representative Office for America, PBC Representative Office (London) for Europe, PBC Tokyo Representative Office, PBC Frankfurt Representative Office, PBC Representative Office for Africa, Liaison Office of the PBC in the Caribbean Development Bank. The PBC consists of 18 functional departments (bureaus),

* General Administration Department
* Legal Affairs Department
* Monetary Policy Department
* Financial Market Department
* Financial Stability Bureau
* Financial Survey and Statistics Department
* Accounting and Treasury Department
* Payment System Department
* Technology Department
* Currency, Gold and Silver Bureau
* State Treasury Bureau
* International Department
* Internal Auditing Department
* Personnel Department
* Research Bureau
* Credit Information System Bureau
* Anti-Money Laundering Bureau (Security Bureau)
* Education Department of the COC PBC Committee
The following enterprises and institutions are directly under the PBC; * China Anti-money Laundering Monitoring and Analysis Center * PBC Graduate School
* China Financial Publishing House
* Financial News
* China National Clearing Center
* China Banknote Printing and Minting...
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