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The People's Bank of China (PBC or PBOC) ( ) is the central bank of the People's Republic of Chinamarker with the power to control monetary policy and regulate 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 the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. The headquarters was first located in Shijiazhuangmarker, Hebeimarker, and then moved to Beijing in 1949. Between 1949 and 1978 the PBC was the only bank in the People's Republic of China and was responsible for both central banking and commercial banking operations .

In the 1980s, 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 Tenth 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 the 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 by the President of the People's Republic of China. The candidate for the governor of the PBC is nominated by the Premier of the State Council and approved by the National People's Congress. When the National People's Congress is in adjournment, the Standing Committee of the National People's Congress sanctions the candidacy for the governor of the PBC. 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 Su Ning, Wang Hongzhang, Hu Xiaolian, Liu Shiyu, Ma Delun, Yi Gang, Zhu Min, Du Jinfu, Li Dongrong, Guo Qingping.

Structure

The PBC consists of 18 functional departments (bureaus).



There 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 Corporation
  • China Gold Coin Incorporation
  • China Financial Computerization Corporation
  • China Foreign Exchange Trade System


The PBC has established 9 regional branches respectively in Tianjinmarker, Shenyangmarker, Shanghai, Nanjingmarker, Jinanmarker, Wuhanmarker, Guangzhoumarker, Chengdumarker and Xi'anmarker, 2 operations offices in Beijing and Chongqingmarker, 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).

List of Governors



Interest rates

Interest rates set by the bank are always divisible by nine, instead of by 25 as in the rest of the world.

At Dec-22-2008 it was set to 5.31%

See also



References


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