Tuesday, June 18, 2024

People’s Bank of China (PBOC)

The People’s Bank of China (PBOC or PBC) is the central bank of China.

is responsible for the implementation of monetary policy and the supervision of financial institutions in China , officially known as People’s Republic of China.

The People’s Bank of China was established on December 1, 1948 on the basis of North China Bank, Beihai Bank, and Northwest Farmers Bank.

In September 1983, the State Council decided that the People’s Bank of China would exercise the functions of the central bank.

The “Law of the People’s Republic of China on the People’s Bank of China” passed by the Third Plenary Session of the Eighth National People’s Congress on March 18, 1995, legally confirmed the status of the People’s Bank of China as the central bank.

People's Bank of China (PBOC)

Responsibilities of the People’s Bank of China

The People’s Bank of China is responsible for drafting laws and regulations related to its financial functions, including implementing monetary policies to maintain China’s financial stability and economic growth.

Other responsibilities include setting interest rates, supervising financial markets, issuing circulating renminbi, supervising interbank lending and the interbank bond market, managing foreign exchange, and recording foreign currency transactions.

Structure of the People’s Bank of China

The bank is governed by a board of directors.

The People’s Bank of China is led by Governor Yi Gang, with five deputy governors and an inspector general.

The People’s Bank of China has nine local branches, located in Tianjin, Shenyang, Shanghai, Nanjing, Jinan, Wuhan, Guangzhou, Chengdu, and Xi’an.

It also has 2 sales departments in Beijing and Chongqing, 303 municipal sub-branches, and 1,809 county-level sub-branches.

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