People's Bank of China

The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in China, as determined by the People's Bank Law and the Commercial Bank Law. It is the 25th-ranked cabinet-level executive department of the State Council. The PBC was established in 1948 with the merger of the Huabei Bank, the Beihai Bank and Northwestern Farmers' Bank. After the proclamation of the PRC in 1949, it became the nation's central bank. In 1969, the PBC was demoted to a bureau of the Ministry of Finance, an arrangement that lasted until August 1979. The PBC was extensively reformed during the 1990s, when its provincial and local branches were abolished, instead opening nine regional branches. These reforms were reversed in 2023, when the regional branches were abolished and the provincial branches restored. Though operating with some autonomy, the PBC lacks central bank independence, and is required to implement the policies of the Chinese Communist Party (CCP). The PBC is led by a governor, assisted by deputy governors, and the CCP Committee Secretary; both posts are currently held by Pan Gongsheng. History The bank was established on December 1, 1948, based on the consolidation of the Huabei Bank, the Beihai Bank and Northwestern Farmers' Bank. The headquarters was first located in Shijiazhuang, Hebei, and then moved to Beijing in 1949. Between 1950 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. All other banks within Mainland China such as the Bank of China were either organized as divisions of the PBC or were non-deposit taking agencies.