People's Bank of China

The People's Bank of China (PBC or PBOC; Chinese: 中国人民银行; pinyin: Zhōngguó Rénmín Yínháng) is the central bank of the People's Republic of China responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by People's Bank Law and Commercial Bank Law. Valued at US$3.21 trillion,[4] The People's Bank of China has had the largest financial asset holdings of any central bank in the world since July 2017.[5][6] Though possessing a high degree of independence by Chinese standards, it remains a department of the State Council.[7]

People's Bank of China
Zhōngguó Rénmín Yínháng
Peoples Bank of China logo small
People's Bank of China Headquarter, Beijing
People's Bank of China headquarters in Beijing
HeadquartersBeijing and Shanghai
Coordinates39°54′24″N 116°21′14″E / 39.90667°N 116.35389°ECoordinates: 39°54′24″N 116°21′14″E / 39.90667°N 116.35389°E (Beijing)
Established1 December 1948
OwnershipState Council of the People's Republic of China
Party Secretary
Guo Shuqing
Yi Gang
Central bank of People's Republic of China
CurrencyRenminbi (RMB)
CNY (ISO 4217)
ReservesUS$3.21 trillion (November 2017)[1]
Reserve requirements17%[2]
Bank rate4.3%[3]
Interest on reserves3.5%
People's Bank of China
Chinese name
Simplified Chinese中国人民银行
Traditional Chinese中國人民銀行
Literal meaningChina People Bank
Alternative Chinese name
Simplified Chinese人民银行
Traditional Chinese人民銀行
Literal meaningPeople Bank
Second alternative Chinese name
Literal meaningPeople's Bank
Tibetan name
Tibetanཀྲུང་གོ་མི་དམངས། མི་རྣམས།དངུལ་ཁང་།
Zhuang name
ZhuangCunghgoz Yinzminz Yinzhangz
Mongolian name
Mongolian scriptᠳᠤᠮᠳᠠᠳᠤ
ᠤᠯᠤᠰ ᠤᠨ
ᠠᠷᠠᠳ ᠤᠨ
Uyghur name
Uyghurجۇڭگو خەلق بانكا


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 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[8] or were non-deposit taking agencies.[9][10]

From 1952 to 1955 government shares were added to private banks to make state-private banks, until under the first Five Year plan from 1955 to 1959 the PBOC had complete control of the private banks, making them branches of the PBOC, closely resembling the vision of Vladimir Lenin. With aid from the Soviet Union, the shares of private enterprises and with them industrial output followed a similar path, forming a Soviet-style planned economy.

With the exception of special allocations for rural development, the monolithic PBOC dominated all business transactions and credit until 1978,[11] when, as part of the Chinese economic reforms, the State Council split off the commercial banking functions of the PB into four independent but state-owned banks, including the Industrial and Commercial Bank of China (ICBC), the Bank of China (BOC), the Agricultural Bank of China (ABC), and the China Construction Bank (CCB).[12] In 1983, the State Council promulgated that the PBC would function as the central bank of China.

Chen Yuan was instrumental in modernizing the bank in the early 1990s. Its central bank status was legally confirmed on March 18, 1995 by the 3rd Plenum of the 8th National People's Congress, and was granted a high degree of independence by an act that year.[13] 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.


The top management of the PBC are composed of the governor and a certain number of deputy governors. The governor of the PBC is appointed into or removed by the National People's Congress or its Standing Committee. The candidate for the governor of the PBC is nominated by the Premier of the People's Republic of China approved by the National People's Congress. When the National People's Congress is in adjournment, the Standing Committee sanctions the candidacy for the governor of the PBC. The deputy governors of the PBC are appointed to or removed from office by the Premier of the State Council.

The PBC adopts a governor responsibility system under which the governor supervises the overall work of the PBC while the deputy governors provide assistance to the governor to fulfill his or her responsibility.

The current governor is Yi Gang. Deputy governors of the management team include: Wang Huaqing, Pan Gongsheng, Fan Yifei, Guo Qingping, Zhang Xiaohui, and Yang Ziqiang.[14] Former top-level managers include: Ms. Hu Xiaolian, Liu Shiyu, Li Dongrong and Ms. Jin Qi.


People's Bank of China Tianjin branch, formerly the Central Bank Tientsin Branch building until 1949, now a protected heritage site

The PBC has established 9 regional branches, one each in Tianjin, Shenyang, Shanghai, Nanjing, Jinan, Wuhan, Guangzhou, Chengdu and Xi'an, 2 operations offices in Beijing and Chongqing, 303 municipal sub-branches and 1809 county-level sub-branches.

It has 6 overseas representative offices (PBC Representative Office for America, PBC Representative Office (London) for Europe, PBC Tokyo Representative Office, PBC Frankfurt Representative Office, PBC Representative Office for Africa, Liaison Office of the PBC in the Caribbean Development Bank).

The PBC consists of 18 functional departments (bureaus) as below:[15]

  • 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

The following enterprises and institutions are directly under the PBC:[16]

  • China Anti-Money Laundering Monitoring and Analysis Center
  • PBC Graduate School
  • China Financial Publishing House
  • Financial News
  • China National Clearing Center
  • China Banknote Printing and Minting Corporation
  • China Gold Coin Incorporation
  • China Financial Computerization Corporation
  • China Foreign Exchange Trade System


Financial inclusion

The PBOC is active in promoting financial inclusion policy and a member of the Alliance for Financial Inclusion.[17]

List of governors

Name Took office Left office Premier Notes
1 Nan Hanchen (南汉宸) October 1949 October 1954 Zhou Enlai
2 Cao Juru (曹菊如) October 1954 October 1964 Zhou Enlai
3 Hu Lijiao (胡立教) October 1964 1966 Zhou Enlai
post abolished during Cultural Revolution
4 Chen Xiyu (陈希愈) May 1973 January 1978 Zhou Enlai
Hua Guofeng
5 Li Baohua (李葆华) January 1978 April 1982 Hua Guofeng
Zhao Ziyang
6 Lü Peijian (吕培俭) April 1982 March 1985 Zhao Ziyang
7 Chen Muhua (陈慕华)(female) March 1985 April 1988 Zhao Ziyang State Councilor (1982–1988)
8 Li Guixian (李贵鲜) April 1988 July 1993 Li Peng State Councilor (1988–1998)
9 Zhu Rongji (朱镕基) July 1993 June 1995 Li Peng First-ranked Vice-Premier (1993–1998)
10 Dai Xianglong (戴相龙) June 1995 December 2002 Li Peng
Zhu Rongji
11 Zhou Xiaochuan (周小川) December 2002 March 2018 Zhu Rongji
Wen Jiabao
Li Keqiang
Vice Chairman of the CPPCC
National Committee (2013–2018)
12 Yi Gang (易纲) March 2018 Incumbent Li Keqiang Serves under party branch secretary Guo Shuqing

Interest rates

Previously, interest rates set by the bank were always divisible by nine, instead of by 25 as in the rest of the world.[18][19] However, since the central bank began to increase rates by 0.25 percentage points on October 19, 2010, this is no longer the case.

PBC latest interest rate changes:[3]

Change date Interest rate
August 25, 2015 4.600%
June 27, 2015 4.850%
May 10, 2015 5.100%
February 28, 2015 5.350%
November 21, 2014 5.600%
July 6, 2012 6.000%
June 8, 2012 6.310%
July 7, 2011 6.560%
April 6, 2011 6.310%
February 9, 2011 6.060%
December 26, 2010 5.810%

Reserve requirement ratio

PBC latest reserve requirement ratio (RRR) changes:

Change date Reserve requirement ratio Extra cash for financial system
December 2008 21.0%
December 2011 20.5% 350 billion yuan ($55 billion)[20]
May 2012 20.0% 400 billion yuan ($63.4 billion)[21]
February 2015 19.5% 600 billion yuan ($96 billion)[22]
April 2015 18.5% 1.5 trillion yuan ($240 billion)[23]
August 2015 18.0% 650 billion yuan ($101 billion)

Foreign-exchange reserves

Foreign-exchange reserves from 2004:[24][25]

Year & month Foreign-exchange reserves (US$ billion)
2004-01 415.7
2004-02 426.6
2004-03 439.8
2004-04 449
2004-05 458.6
2004-06 470.6
2004-07 483
2004-08 496.2
2004-09 514.5
2004-10 542.4
2004-11 573.9
2004-12 609.9
2005-01 623.6
2005-02 642.6
2005-03 659.1
2005-04 670.8
2005-05 691
2005-06 711
2005-09 769
2005-12 818.9
2006-01 845.2
2006-02 853.7
2006-03 875.1
2006-04 895
2006-05 925
2006-06 941.1
2006-07 954.6
2006-08 972
2006-09 987.9
2006-10 1009.6
2006-11 1038.8
2006-12 1066.3
2007-01 1104.7
2007-02 1157.4
2007-03 1202
2007-04 1246.6
2007-05 1292.7
2007-06 1332.6
2007-07 1385.2
2007-08 1408.6
2007-09 1433.6
2007-10 1454.9
2007-11 1497
2007-12 1528.2
2008-01 1589.8
2008-02 1647.1
2008-03 1682.2
2008-04 1756.7
2008-05 1797
2008-06 1808.8
2008-07 1845.2
2008-08 1884.2
2008-09 1905.6
2008-10 1879.7
2008-11 1884.7
2008-12 1946
2009-01 1913.5
2009-02 1912.1
2009-03 1952.7
2009-04 2008.9
2009-05 2089.5
2009-06 2131.6
2009-07 2174.6
2009-08 2210.8
2009-09 2272.6
2009-10 2328.3
2009-11 2388.8
2009-12 2399.2
2010-01 2415.2
2010-02 2424.6
2010-03 2447.1
2010-04 2490.5
2010-05 2439.5
2010-06 2454.3
2010-07 2538.9
2010-08 2547.8
2010-09 2648.3
2010-10 2760.9
2010-11 2767.8
2010-12 2847.3
2011-01 2931.7
2011-02 2991.4
2011-03 3044.7
2011-06 3197.5
2011-07 3245.3
2011-08 3262.5
2011-09 3201.7
2011-10 3273.8
2011-11 3220.9
2011-12 3181.1
2012-01 3253.6
2012-02 3309.7
2012-03 3305
2012-04 3298.9
2012-05 3206.1
2012-06 3240
2012-07 3240
2012-08 3272.9
2012-09 3285.1
2012-10 3287.4
2012-11 3297.7
2012-12 3311.6
2013-01 3410
2013-02 3395.4
2013-03 3442.6
2013-04 3534.5
2013-05 3514.8
2013-06 3496.7
2013-07 3547.8
2013-08 3553
2013-09 3662.7
2013-10 3736.6
2013-11 3789.5
2013-12 3821.3
2014-01 3866.6
2014-02 3913.7
2014-03 3948.1
2014-04 3978.8
2014-05 3983.9
2014-06 3993.2
2014-07 3966.3
2014-08 3968.8
2014-09 3887.7
2014-10 3852.9
2014-11 3847.4
2014-12 3843
2015-01 3813.41
2015-02 3801.5
2015-03 3730.04
2015-04 3748.14
2015-05 3711.14
2015-06 3693.84
2015-07 3651.31
... ...
2017-05 3053.57
2017-06 3056.79
2017-07 3080.72
2017-08 3091.53
2017-09 3108.51
2017-10 3109.21
2017-11 3119.28
2017-12 3139.95
2018-01 3161.46
2018-02 3134.48
2018-03 3142.82

See also


  1. ^ "官方储备资产". People's Bank of China. Retrieved December 9, 2017.
  2. ^ [1]
  3. ^ a b "PBC base interest rate – Chinese central bank's interest rate", Retrieved 2018-05-19.
  4. ^ "官方储备资产". People's Bank of China. Retrieved December 9, 2017.
  5. ^ "Global Economic Briefing: Central Bank Balance Sheets" (PDF). Retrieved December 4, 2017.
  6. ^ James M. Zimmerman 2010. China Law Deskbook. p. 452.
  7. ^ Becky Chiu, Mervyn Lewis 2006. Reforming China's State-owned Enterprises and Banks. p. 203.
  8. ^ "History of Bank of China",, Retrieved 2015-11-23.
  9. ^ "History", China Construction Bank webpage. Retrieved 2015-11-23.
  10. ^ James M. Zimmerman 2010. China Law Deskbook. p.449.
  11. ^ Becky Chiu, Mervyn Lewis 2006. Reforming China's State-owned Enterprises and Banks. p.188-189.
  12. ^ James M. Zimmerman 2010. China Law Deskbook. p.450.
  13. ^ Becky Chiu, Mervyn Lewis 2006. Reforming China's State-owned Enterprises and Banks. p.203.
  14. ^ "Management Team",, November 23, 2015. Retrieved 2015-11-23.
  15. ^ The People's Bank of China. "Management and Organizational Structure". Retrieved May 29, 2012.
  16. ^ The People's Bank of China. "Enterprises and Institutions directly under the PBC". Retrieved May 29, 2012.
  17. ^ "AFI members". AFI Global. October 10, 2011. Archived from the original on February 20, 2012. Retrieved February 23, 2012.
  18. ^ "Calendar, Abacus Help Determine Size of Chinese Rate Increases". Bloomberg. May 18, 2007.
  19. ^ "Viewpoint: The "divisible by nine" rule". Retrieved December 4, 2017.
  20. ^ "China's Reserve-Ratio Cut May Signal Economic Slowdown Deepening". November 30, 2011. Retrieved December 4, 2017.
  21. ^ "China Lowers Banks' Reserve Requirements to Support Growth". May 12, 2012. Retrieved December 4, 2017.
  22. ^ Wei, Lingling (February 5, 2015). "China Cuts Reserve Requirement Ratio". Retrieved December 4, 2017.
  23. ^ "Economists React: China's Aggressive Cut in Banks' Reserve Requirement Ratio". April 20, 2015. Retrieved December 4, 2017.
  24. ^ "China Monthly Foreign Exchange Reserves Analysis – CNGFOREX". Retrieved December 4, 2017.
  25. ^ "Archived copy". Archived from the original on August 12, 2015. Retrieved August 12, 2015.CS1 maint: Archived copy as title (link)

Further reading

  • Stephen Bell and Hui Feng. The Rise of the People's Bank of China: The Politics of Institutional Change (Harvard University Press; 2013) 384 pages; Recent history; uses interviews with key figures

External links

Beijing Financial Street

Beijing Financial Street (BFS), or Beijing Jinrong Street (BJS) (Chinese: 北京金融街; pinyin: Běijīng Jīnróng Jiē), is where Chinese regulatory agencies are located. According to 13th 5 years plan, Beijing Financial Street will be positioned more towards a regulatory agencies' precinct. The street is located inside Beijing's innermost 2nd Ring Road.

One of the central bank's headquarters (the other being located in Shanghai Lujiazui Financial City), and three national regulatory commissions of the central government are located here. They are the People's Bank of China (PBOC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), and the China Insurance Regulatory Commission (CIRC).

Beijing Financial Street is being developed by Beijing Street Holding Company, Ltd. The architectural firm of Skidmore, Owings & Merrill; along with SWA landscape architects prepared the urban plan, landscape and the building design guidelines for Finance Street's Central Park District currently in construction with build-out scheduled for 2008. The building facilities are designed around interior courtyards, a design concept which typifies the ancient Hutong neighborhoods surrounding the Forbidden City.

Chen Muhua

Chen Muhua (Chinese: 陈慕华; 1921 – 12 May 2011) was a Chinese Communist revolutionary and politician who served as Vice Premier, State Councilor, Minister of Foreign Economic Relations and Trade, Commissioner of the National Family Planning Commission, Governor of the People's Bank of China, and Chairwoman of the All-China Women's Federation. She was an alternate member of the Politburo of the Communist Party of China, one of the few women to have entered China's top decision-making body.

China Banknote Printing and Minting Corporation

China Banknote Printing and Minting Corporation (CBPMC), (simplified Chinese: 中国印钞造币总公司; traditional Chinese: 中國印鈔造幣總公司; pinyin: Zhōngguó Yìnchāo Zàobì Zǒnggōngsī) is a state-owned corporation which carries out the minting of all renminbi coins and printing of renminbi banknotes for the People's Republic of China.CBPMC uses a network of printing and engraving and minting facilities around the country to produce banknotes and coins for subsequent distribution. Banknote printing facilities are located in

Beijing, Shanghai, Chengdu, Xi'an, Shijiazhuang, and Nanchang.

The state-owned company, headquartered in Beijing’s Xicheng District is the world's largest money printer by volume. With more than 18,000 employees, it runs more than 10 highly secure facilities for the production of banknotes and coins. Mints are located in Shanghai, Shenyang, Shenzhen, and Nanjing. The Shanghai Mint is the oldest and most important mint in China. Shanghai, Shenyang, and Shenzhen primarily mint fiat coins for circulation. Nanjing primarily prints fiat banknotes, and also does coining of small quantities of non-fiat coins for coin collectors. High grade paper for the banknotes is produced at two facilities in Baoding and Kunshan. The Baoding facility is the largest facility in the world dedicated to developing banknote materialIn addition, the People's Bank of China has its own printing technology research division which research new techniques for creating banknotes and making counterfeiting more difficult.

The CBPMC bases its production of currency on the macroeconomic planning of the People's Bank of China.

CBPMC reportedly produces currency for a number of other countries, including Thailand, Bangladesh, Sri Lanka, Malaysia and Brazil.

Chinese Banking Liquidity Crisis of 2013

The Chinese Banking Liquidity Crisis of 2013 was a sudden credit crunch affecting China's commercial banks evidenced by a rapid rise on 20 June 2013 in the Shanghai interbank overnight lending rates to a high of 30 percent from its usual rate of less than 3%. The ensuing panic affected gold markets and stock. China's regulation of the foreign exchange market had caused a decline in inflow of cash. On 19 June 2013, instead of injecting additional funds and easing its monetary policy, China's central bank People's Bank of China (PBOC) told commercial banks to "make full use of incremental funds and revitalize stock options." On 24 June 2014 the PBOC told commercial banks to "control the risk associated with credit expansion" effectively increasing the scrutiny of shadow banks' lending practices. This resulted in a sudden shortfall in the cash market resulting in short term repo rates in excess of 25%. In effect China was using market forces to manage the economy.

Dai Xianglong

Dai Xianglong (simplified Chinese: 戴相龙; traditional Chinese: 戴相龍; pinyin: Dài Xiànglóng; born 1 October 1944) is a politician of the People's Republic of China. He is the former governor of the People's Bank of China, and the former mayor of Tianjin. He currently serves as the president and Communist Party of China (CPC) party chief of the National Council for Social Security Fund.

Fourth series of the renminbi

The fourth series of the renminbi was introduced between 1987 and 1997 by the People's Bank of China. The theme of this series was that under the governance of the Chinese Communist Party, the various peoples of China would be united in building a Chinese-style social democracy.To present this theme, the ¥100 note features four people important to the founding of the People's Republic of China: Mao Zedong, Zhou Enlai, Liu Shaoqi, and Zhu De. The ¥50 note features an intellectual, a farmer, and an industrial worker, characteristic Chinese communist images. The other banknotes show portraits of people from 14 different ethnic groups found in China, especially ethnic minorities.

Banknotes were introduced in denominations of 0.1, 0.2, 0.5 (1, 2, 5 jiao), 1, 2, 5, 10, 50 and 100 yuan. Coins were introduced in denominations of 0.1, 0.5 and 1 yuan. The banknotes were dated 1980, 1990, or 1996 to indicate different editions. Unlike the second and the third series, they are still legal tender although only the smaller denominations (smaller than ¥1) remain in widespread circulation.

On March 22, 2018, the People's Bank of China announced the Fourth series of the renminbi (excluding ¥0.1 and ¥0.5 banknotes and ¥0.5 and ¥1 coins which will be withdrawn after April 30, 2019) would be recalled on April 30. After that date, notes of the Fourth series of the renminbi can be exchanged at any bank branch until April 30, 2019.

Hu Lijiao

Hu Lijiao (Chinese: 胡立教) (December 1914 – July 3, 2006) was a People's Republic of China politician. He was born in Ji'an, Jiangxi Province. He was the 3rd governor of the People's Bank of China (1964–1966) and the 1st Chairman of the People's Standing Congress of Henan Province (1979–1981) and 2nd Chairman of the People's Standing Congress of Shanghai (1981–1988).

Li Baohua

Li Baohua (simplified Chinese: 李葆华; traditional Chinese: 李葆華; October 2, 1909 – February 19, 2005) was a People's Republic of China politician. He was born in Laoting County, Hebei Province. He was Communist Party of China Committee Secretary of Anhui Province from 1962 to 1971. He was governor of the People's Bank of China from 1978 to 1982. He was CPPCC Chairman of Guizhou from 1977 to 1979.

Li Guixian

Li Guixian (Chinese: 李贵鲜; born August 1937) is a retired politician of the People's Republic of China, and a governor of People's Bank of China in 1988-1993.

List of banks in China

This is a list of banks in China, including Mainland China, Hong Kong, Macau.

The central bank of the People's Republic of China is the People's Bank of China, a component of the State Council, the Central Government of China. The People's Bank of China is mainly responsible for issuing the Renminbi and administering its circulation, formulating and implementing monetary policy in accordance with law and etc.. And its counterparts in Hong Kong SAR, Macau SAR are Hong Kong Monetary Authority (currency board and de facto central bank), Monetary Authority of Macao (currency board and de facto central bank) respectively.

Liu Shiyu

Liu Shiyu (Chinese: 刘士余; born November 1961) is a Chinese banker who is currently serving as the Chairman of the All China Federation of Supply and Marketing Cooperatives. He was best known for his term as head of the China Securities Regulatory Commission between 2016 and 2018. Liu previously served as President of the Agricultural Bank of China from October 2014 to February 2016.


The renminbi (abbreviated RMB; simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì; literally: 'people's currency'; symbol: 元/¥; code: CNY) is the official currency of the People's Republic of China. The yuan (Chinese: 元; pinyin: yuán) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to refer to the renminbi. The distinction between renminbi and yuan is that renminbi is the name of the currency and yuan refers to its primary unit. One yuan is subdivided into 10 jiao (Chinese: 角; pinyin: jiǎo), and a jiao in turn is subdivided into 10 fen (Chinese: 分; pinyin: fēn). The renminbi is issued by the People's Bank of China, the monetary authority of China.The renminbi is sometimes referred to as the redback in the US financial press.Until 2005, the value of the renminbi was pegged to the US dollar. As China pursued its transition from central planning to a market economy and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity. However more recently, appreciation actions by the Chinese government, as well as quantitative easing measures taken by the American Federal Reserve and other major central banks, have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012. Since 2006, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. As a result of the rapid internationalization of the renminbi, it became the world's 8th most traded currency in 2013, and 5th by 2015.On 1 October 2016, the RMB became the first emerging market currency to be included in the IMF's special drawing rights basket, the basket of currencies used by the IMF (reserve currency).

Rural credit cooperative

A rural credit cooperative (RCC) (Chinese: 农村信用合作社) or (simplified Chinese: 农村信用社; traditional Chinese: 農村信用社; pinyin: nóngcūn xìnyòngshè) is a cooperative or credit union sanctioned by People's Bank of China to provide credit in the rural areas of the People's Republic of China.

Shanghai Lixin University of Accounting and Finance

Shanghai Lixin University of Accounting and Finance (Chinese: 上海立信会计金融学院; pinyin: Shànghǎi Lìxìn Kuàijì Jīnróng Xuéyuàn) is a university in Shanghai. It is the product of a 2016 merger of former Lixin University of Commerce and Shanghai Finance University.

Silk Road Fund

The Silk Road Fund (Chinese: 丝路基金) is a state owned investment fund of the Chinese government to foster increased investment in countries along the One Belt, One Road, an economic development initiative primarily covering Eurasia. The Chinese government pledged US$40 billion for the creation of the investment fund established on 29 December 2014.

State Administration of Foreign Exchange

The State Administration of Foreign Exchange (SAFE) of the People's Republic of China is an administrative agency tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign-exchange reserves, which at the end of December 2016 stood at $3.01 trillion for the People's Bank of China. The current director is Pan Gongsheng.


UnionPay (Chinese: 银联; pinyin: Yínlián), also known as China UnionPay (Chinese: 中国银联; pinyin: Zhōngguó Yínlián) or by its abbreviation, CUP or UPI internationally , is a Chinese financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on 26 March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China (PBOC, central bank of China). It is also the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. It is also an electronic funds transfer at point of sale (EFTPOS) network.

It is the largest card payment organisation (debit and credit cards combined) in the world offering mobile and online payments based on total value of payment transactions, ahead of Visa and Mastercard.

Yi Gang

Yi Gang (Chinese: 易纲; pinyin: Yì Gāng) (born 1958) is the Governor of the People's Bank of China since 2018. He is also the former Director of the State Administration of Foreign Exchange.

Zhou Xiaochuan

Zhou Xiaochuan (Chinese: 周小川; pinyin: Zhōu Xiǎochuān) (born January 29, 1948) is a Chinese economist, banker, reformist and bureaucrat. Zhou was best known for his term as the Governor of the People's Bank of China, a position in which he served from 2002 to 2018. He was longest-serving central bank chief since the establishment of the People's Republic of China, steering the monetary policy of an economy amid structural transformation.

During his tenure, China became the second largest economy in the world and a consequential player in global financial markets. As such, Zhou was consistently ranked among the most influential global policy makers of his generation.Zhou has previously held leading posts in trade and financial organizations, serving as Vice-Governor of the People's Bank of China, Director of the State Administration of Foreign Exchange, Governor of China Construction Bank, and Chairman of the China Securities Regulatory Commission. He retired in 2018 after serving for several years past the typical retirement age for officials of his rank.

Standard Mandarin
Hanyu PinyinZhōngguó Rénmín Yínháng
Standard Mandarin
Hanyu PinyinRénmín Yínháng
Standard Mandarin
Hanyu PinyinRénháng
Bretton Woods system
State Council
directly under
the State Council
State Administrations
managed by Departments
State Councilors
Central Bank Governor
Central bank
Policy bank
State-owned Commercial
Postal Saving bank
Nationwide Commercial
Urban Commercial
Regulatory agencies
Development Zones
Trade and infrastructure
Law and regulations
Finance and banking
Government institutions
National economic initiatives
Regional economic initiatives
Related topics


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