People’s Bank of China (PBOC)
19 hours agoThe People’s Bank of China (PBOC or PBC) serves as the central bank of China, which is officially known as the People’s Republic of China. It is tasked with implementing monetary policy and regulating financial institutions within the country.
Established on December 1, 1948, the PBC was formed through the merger of the Huabei Bank, Beihai Bank, and Xibei Farmer Bank. In September 1983, the State Council designated the PBC to operate as a central bank. The PBC's status as a central bank was legally affirmed by the Law of the People’s Republic of China on the People’s Bank of China, adopted on March 18, 1995, during the 3rd Plenary Session of the 8th National People’s Congress.
The PBOC is responsible for drafting laws and regulations related to its financial operations, which include implementing monetary policy aimed at ensuring financial stability and promoting economic growth in China. Its additional responsibilities encompass setting interest rates, regulating financial markets, issuing the renminbi currency for circulation, overseeing interbank lending and the interbank bond market, managing foreign exchange, and recording foreign currency transactions.
The governance of the bank is overseen by a board of directors. Currently, the PBOC is led by Governor Yi Gang, along with five deputy governors and a chief inspector. The bank operates nine regional branches located in Tianjin, Shenyang, Shanghai, Nanjing, Jinan, Wuhan, Guangzhou, Chengdu, and Xi’an. Additionally, there are two operations offices in Beijing and Chongqing, along with 303 municipal sub-branches and 1,809 county-level sub-branches.
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