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.
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.
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... [continues]
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