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.<< Back to Glossary Index