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The People's Bank of China (PBC or PBOC) (simplified Chinese: 中国人民银行; traditional Chinese: 中國人民銀行; pinyin: Zhōngguó Rénmín Yínháng) is the central bank of the People's Republic of China (not to be confused with the Bank of China or the Central Bank of China) with the power to control monetary policy and regulate financial institutions in mainland China. The Governor of the People's Bank of China is nominated by the Premier and approved by the National People's Congress, and is also member of the State Council. The current Governor is Zhou Xiaochuan.
[edit] History
The bank was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. The headquarters was first located in Shijiazhuang, Hebei, and then moved to Beijing in 1949. Between 1949 and 1978 the PBC was the only bank in the People's Republic of China and was responsible for both central banking and commercial banking operations.
In the 1980s, as part of economic reform, the commercial banking functions of the PBC were split off into four independent but state-owned banks and in 1983, the State Council promulgated that the PBC would function as the central bank of 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 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. In 2003, the Standing Committee of the Tenth National People's Congress approved an amendment law for strengthening the role of PBC in the making and implementation of monetary policy for safeguarding the overall financial stability and provision of financial services.
[edit] Structure
- General Administration Department
- Legal Affairs Department
- Monetary Policy Department
- Financial Market Department
- Financial Stability Bureau
- Financial Survey and Statistics Department
- Accounting and Treasury Department
- Payment System Department
- Technology Department
- Currency, Gold and Silver Bureau
- State Treasury Bureau
- International Department
- Internal Auditing Department
- Personnel Department
- Research Bureau
- Credit Information System Bureau
- Anti-Money Laundering Bureau (Security Bureau)
- Education Department of the CPC PBC Committee
- State Administration of Foreign Exchange
[edit] List of Governors
- Nan Hanchen (南汉宸): October 1949—October 1954
- Cao Juru (曹菊如): October 1954—October 1964
- Hu Lijiao (胡立教): October 1964—1966
- Chen Xiyu (陈希愈): May 1973—January 1978
- Li Baohua (李葆华): January 1978—April 1982
- Lu Peijian (吕培俭): April 1982—March 1985
- Chen Muhua (陈慕华): March 1985—April 1988
- Li Guixian (李贵鲜): April 1988—July 1993
- Zhu Rongji (朱镕基): July 1993—June 1995
- Dai Xianglong (戴相龙): June 1995—December 2002
- Zhou Xiaochuan (周小川): December 2002
[edit] See also
[edit] External links
