People's Bank of China
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| People's Bank of China | |
| Founded | 1948 |
|---|---|
| Headquarters | Beijing, People's Republic of China |
| Key People | Zhou Xiaochuan is Governor of the People's Bank of China |
| Web site | http://www.pbc.gov.cn/english/ [1] |
The People's Bank of China (PBC) is the central bank of the People's Republic of China. Under the guidance of the State Council, the PBC formulates and implements monetary policy, prevents and resolves financial risks, and safeguards financial stability.
From the period of April of 2006 to August of 2007 the central bank raised key interest rates six times.
Contents |
History
The PBC was established on Dec. 1, 1948 based on the consolidation of the former Huabei Bank, Beihai Bank and Xibei Farmer Bank.[1]
In September 1983, the State Council decided to have the PBC function as a central bank.
On March 18, 1995 the Law of the People's Republic of China on the People's Bank of China passed by the Third Plenum of the Eighth National People's Congress legally confirmed the PBC's central bank status.
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.[2]
In March 2003, the First Plenum of the Tenth National People's Congress approved the Decision on Reform of the Organizational Structure of the State Council, separating the supervisory responsibilities of the PBC for the banking institutions, asset management companies, trust and investment companies and other depository financial institutions. Instead, the China Banking Regulatory Commission was established to supervise the financial industry.
On Dec. 27, 2003, the Standing Committee of the Tenth National People's Congress approved at its Sixth Meeting the amendment to the Law of the People's Republic of China on the People's Bank of China, which has strengthened the role of the PBC in the making and implementation of monetary policy, in safeguarding the overall financial stability and in the provision of financial services.
Operations
Under the leadership of the State Council, the PBC implements monetary policy, performs its functions and carries out business operations independently according to laws and free from intervention by local governments, government departments at various levels, public organizations or any individuals.
The PBC needs to report to the State Council its decisions concerning the annual money supply, interest rates, exchange rates and other important issues specified by the State Council for approval before they are put into effect. The PBC is also obliged to submit work report to the Standing Committee of the National People's Congress on the conduct of monetary policy and the performance of the financial industry. All capital of the PBC is invested and owned by the State.
Management
Zhou Xiaochuan is a governor of the People's Bank of China; Wu Xiaoling is a deputy governor; Su Ning is a deputy governor; Wang Hongzhang is a chief disciplinary officer; Hu Xiaolian is a deputy governor and administrator of the State Administration of Foreign Exchange (SAFE); Liu Shiyu is a deputy governor; Ma Delun is an assistant governor; Yi Gang is an assistant governor; and Du Jinfu is an assistant governor.
References
- ↑ History. People's Bank of China. Retrieved on May 18, 2008.
- ↑ China's Financial Reforms in the Global mMarket. Questia. Retrieved on May 18, 2008.
