The People’s Bank of China (PBC)
Established on December 1, 1948, later designated by the State Council in September 1983 to function as the central bank of the People’s Republic of China.
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About PBC
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.
With the improvement of the socialist market economic system, the PBC, as a central bank, will play an even more important role in China’s macroeconomic management. The amended law, adopted on December 27, 2003 by the Standing Committee of the 10th National People’s Congress, provides the PBC’s major functions listed below.
Major Functions
1. Legal & Regulatory
Draft and enforce laws, rules and regulations related to central bank functions.
2. Monetary Policy
Formulate and implement monetary policy in accordance with law.
3. Currency Issuance
Issue the Renminbi (RMB) and administer its circulation.
4. Market Regulation
Regulate inter-bank lending and bond markets, and oversee foreign exchange and gold markets.
5. Financial Stability
Prevent and mitigate systemic financial risks to safeguard stability.
6. Reserves & FX
Maintain RMB exchange rate at adaptive and equilibrium level; hold and manage foreign exchange and gold reserves.
7. State Treasury
Act as fiscal agent managing the State treasury.
8. Payments
Set payment and settlement rules and ensure smooth operation of related systems.
9. AML Supervision
Guide anti-money laundering (AML) work; monitor suspicious fund movements.
10. Statistics & Analysis
Develop financial statistics systems; conduct economic analysis and forecasts.
11. Credit Reporting
Administer the credit reporting industry and promote credit information systems.
12. International Role
Participate in international financial activities as the central bank.
13. Financial Operations
Engage in permitted financial business operations.
14. Other Functions
Perform other functions prescribed by the State Council.
Contact
No.32 Chengfang Street, Xi Cheng District, Beijing, China
Post Code: 100800
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