The
People's Bank of China (PBC or
PBOC) ( ) is the central
bank of the People's Republic of China
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
Shijiazhuang
, Hebei
, 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 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).
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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