The People's Bank of China is the central bank of the Republic of China that was set up on December 1, 1948. It was first founded in Shijiazhuang, Hebei, China and later moved to Beijing in 1949. Under the chairmanship of Mr. Zhou Xiaochuan, The People's Bank of China controls the monetary policy and regulates the financial institutions of the mainland of China. Till 1978, The People's Bank of China or the PBC was single operating bank China that was responsible for central banking as well as commercial banking functions. In the next decade, PBC was split into four independent commercial banking operations that were also state-owned. The bank has the mission to formulate and implement monetary policies, solves the financial risks and safeguards the financial stability of the common people and their undertakings.
The following are the major functions of The People's Bank of China :
- Issuing and enforcing relevant orders and regulations
- Issuing Renminbi and administering its circulation
- Formulating and implementing monetary policy
- Guiding and organizing the anti-money laundering work of the financial sector and monitoring relevant fund flows
- Regulating inter-bank lending market and inter-bank bond market
- Holding and managing official foreign exchange and gold reserves
- Administering foreign exchange and regulating inter-bank foreign exchange market
- Maintaining normal operation of the payment and settlement system
- Regulating gold market
- Participating in international financial activities in the capacity of the central bank
- Conducting financial statistics, surveys, analysis and forecasts
- Managing the State treasury
- Performing functions specified by the State Council
Headquartered in Beijing, the
People's Bank of China consists of 18 functional departments:
- General Administration Department
- Monetary Policy Department
- Financial Market Department
- Credit Information System Bureau
- Financial Stability Bureau
- Financial Survey and Statistics Department
- Legal Affairs Department
- Accounting and Treasury Department
- Payment System Department
- Currency, Gold and Silver Bureau
- Personnel Department
- State Treasury Bureau
- Technology Department
- International Department
- Internal Auditing Department
- Anti-Money Laundering Bureau
- Education Department of the CPC PBC Committee
- Research Bureau
The People's Bank of China has 9 regional branches in Tianjin, Shenyang, Shanghai, Nanjing, Jinan, Wuhan, Guangzhou, Chengdu and Xian with 2 operations offices in Beijing and Chongqing. PBC also has 303 municipal sub-branches and 1809 county-level sub-branches all over China.
Overseas Branches and Offices include:
- PBC Representative Office for America
- Liaison Office of the PBC in the Caribbean Development Bank
- PBC Frankfurt Representative Office
- PBC Representative Office in London for Europe
- PBC Representative Office for Africa
- PBC Tokyo Representative Office
For more information on banking schemes, interest rates, customers' profiles, customer needs, additional services and details contacts of the branches and respective functions, please visit the official website of The People's Bank of China .
