PBOC or People’s Bank of China (PBOC) is the central bank of the People’s Republic of China, accountable for carrying out regulation and monetary policy of financial institutions in mainland China as determined by Commercial Bank Law and People’s Bank Law. Since July 2017, the People’s Bank of China (PBOC) had the most significant fiscal asset affluence of any central bank in the world. However owning a great degree of independence, it remains a cabinet-level executive department of the State Council.
The PBOC was established on 1st December 1948 based on an alliance of the Beihai Bank, Huabei Bank and Xibei Farmer Bank. Its 1st headquarter was sited in Shijiazhuang and then shifted to Beijing in 1949. Between 1950 and 1978, the People’s Bank of China was the single bank in China accountable for both commercial banking and central banking operations.
The People’s Bank of China (PBOC) is comprised of nine regional branches located in Tianjin, Shanghai, Shenyang, Nanjing, Wuhan, Jinan, Guangzhou, Xian and Chengdu, two operation offices in Chongqing and Beijing, 303 municipal-level sub-branches and 1809 country level sub-branches.
The PBOC has six overseas representative offices for America, Tokyo, Europe (London), Africa, Frankfurt and Liaison office in the Caribbean Development Bank. It has 18 functional departments, and nine institutions and enterprises are directly under the People’s Bank of China, which are:
- China Financial Publishing House
- China Anti Money Laundering Monitoring and Analysis Centre
- PBC Graduate School
- Financial News
- China Banknote Printing and Minting Corporation
- China National Clearing Centre
- China Gold Coin Incorporation
- China Foreign Exchange Trade System
- China Financial Computerization Corporation