Institutions
People's Bank of China
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The People's Bank of China is the central bank of the People's Republic of China, formed on 1 December 1948 by merging three regional Chinese Communist Party-run banks and simultaneously introducing the renminbi as a unified currency. Unlike the Federal Reserve or European Central Bank, it operates as a constituent agency of the State Council rather than as a body statutorily insulated from the government, which makes it a standing reference case in the comparative literature on central bank independence.
Facts
Founding Year Founding Date HeadquartersEstablished at Shijiazhuang, Hebei Province, in 1948; headquarters moved to Beijing after 1949. Cross-Tradition Connections
Critiqued Here
Why this is disputed. As a constituent agency of China's State Council rather than a statutorily insulated body, the PBOC is a standing reference case in the comparative literature on central bank independence, cited on both sides of the debate over whether formal independence is necessary for monetary credibility.
Associated With
The PBC''s 1983 restructuring into a dedicated, exclusively monetary central bank, no longer a commercial lender, was a direct institutional product of the reform era.
Sources
1. A Brief History of the People's Bank of China
People's Bank of China
Wikipedia
Wikimedia FoundationAssociated With: China's Reform and Opening Up, People''s Bank of China, Early reform era sectionQuote, Associated With: China's Reform and Opening Up, People''s Bank of China, Early reform era section
In September 1983, the State Council had promulgated that the PBC would function exclusively as the central bank of China and no longer undertake commercial banking activities.
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