The People’s Bank of China (PBOC or PBC) is the central bank of China.
It is responsible for carrying out monetary policy and regulation of financial institutions in China, officially called the People’s Republic of China.
The People’s Bank of China (PBC) was established on December 1, 1948, based on the consolidation of the Huabei Bank, the Beihai Bank, and the Xibei Farmer Bank.
In September 1983, the State Council decided to have the PBC function as a central bank.
The Law of the People’s Republic of China on the People’s Bank of China adopted on March 18, 1995, by the 3rd Plenum of the 8th National People’s Congress has since legally confirmed the PBC’s central bank status.
Responsibilities of the PBOC
The PBOC is responsible for drafting laws and regulations for its financial functions, including implementing monetary policy to maintain financial stability and economic growth in China.
Additional responsibilities involve setting interest rates, regulating financial markets, issuing the renminbi currency for circulation, regulating interbank lending and the interbank bond market, managing foreign exchange, and recording foreign currency transactions.
Structure of the PBOC
The bank is run by a board of directors.
The PBOC’s is run by Governor Yi Gang, along with 5 deputy governors and a chief inspector.
The PBOC has nine regional branches located in Tianjin, Shenyang, Shanghai, Nanjing, Jinan, Wuhan, Guangzhou, Chengdu, and Xi’an.
There are also two operations offices in Beijing and Chongqing, 303 municipal sub-branches, and 1,809 county-level sub-branches.