Headquarters of the Bank in Beijing | |
Headquarters | |
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Coordinates | Beijing 39°54′24″N 116°21′14″E / 39.90667°N 116.35389°E |
Established | December 1, 1948 |
Key people | |
Central bank of | China |
Currency | Renminbi (RMB) CNY (ISO 4217) |
Reserves | US$3.45 trillion (2023)[1] |
Reserve requirements | 6.6%[2] |
Bank rate | 3.4% |
Website | www |
People's Bank of China | |||||||||||||||||||||
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Chinese name | |||||||||||||||||||||
Simplified Chinese | 中国人民银行 | ||||||||||||||||||||
Traditional Chinese | 中國人民銀行 | ||||||||||||||||||||
Literal meaning | China People Bank | ||||||||||||||||||||
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Alternative Chinese name | |||||||||||||||||||||
Simplified Chinese | 人民银行 | ||||||||||||||||||||
Traditional Chinese | 人民銀行 | ||||||||||||||||||||
Literal meaning | People Bank | ||||||||||||||||||||
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Second alternative Chinese name | |||||||||||||||||||||
Chinese | 央行 | ||||||||||||||||||||
Literal meaning | Central Bank | ||||||||||||||||||||
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Tibetan name | |||||||||||||||||||||
Tibetan | ཀྲུང་གོ་མི་དམངས། མི་རྣམས།དངུལ་ཁང་། | ||||||||||||||||||||
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Zhuang name | |||||||||||||||||||||
Zhuang | Cunghgoz Yinzminz Yinzhangz | ||||||||||||||||||||
Mongolian name | |||||||||||||||||||||
Mongolian Cyrillic | Дундад Улсын Ардын Банк | ||||||||||||||||||||
Mongolian script | ᠳᠤᠮᠳᠠᠳᠤ ᠤᠯᠤᠰ ᠤᠨ ᠠᠷᠠᠳ ᠤᠨ ᠪᠠᠩᠬᠢ | ||||||||||||||||||||
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Uyghur name | |||||||||||||||||||||
Uyghur | جۇڭگو خەلق بانكا | ||||||||||||||||||||
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Portuguese name | |||||||||||||||||||||
Portuguese | Banco Popular da China |
China portal |
The People's Bank of China (officially PBC[3] and unofficially PBOC[4]) is the central bank of the People's Republic of China.[5] It is responsible for carrying out monetary policy as determined by the People's Bank Law and the Commercial Bank Law.
The PBC was established in 1948 and became China's sole central bank after the founding of the People's Republic of China in 1949. From 1969 to 1978, the PBC was demoted to a bureau of the Ministry of Finance. The PBC was extensively reformed during the 1990s, when its provincial and local branches were abolished, instead opening nine regional branches. In 2023, these reforms were reversed as when the regional branches were abolished and the provincial branches restored, and new arrangements essentially ended the PBC's longstanding role in financial supervision.
The PBC is the 25th-ranked of 26 ministerial-level departments of the State Council. The PBC lacks central bank independence and is required to implement the policies of the Chinese Communist Party (CCP) under the direction of the party's Central Financial Commission. The PBC is led by a Governor assisted by several Deputy Governors and a CCP Committee Secretary. Since 2023, the roles of Governor and CCP Committee Secretary have been held jointly by Pan Gongsheng.
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