The People’s Bank of China 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.
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 PBoC underwent a major restructuring. All provincial and local branches were abolished, and the PBoC 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 PBoC in the making and implementation of monetary policy for safeguarding the overall financial stability of China.
|Headquarters||Beijing and Shanghai|
|Established||December 1, 1948|
|Central bank of||People's Republic of China|
CNY (ISO 4217)
|Interest on reserves||3.5%|
|Preceded by||Central Bank of the Republic of China|
|For other currencies named "Yuan" and their respective central banks, see Chinese Yuan.|
|People's Bank of China|
|Literal meaning||China People Bank|
|Alternative Chinese name|
|Literal meaning||People Bank|
|Second alternative Chinese name|
|Literal meaning||Central Bank|
|Zhuang||Cunghgoz Yinzminz Yinzhangz|
جۇڭگو خەلق بانكا
The People's Bank of China (PBC or PBOC, Chinese: 中国人民银行) 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 single public institution, and is second only to the Federal Reserve System of the United States in terms of overall central bank assets.