People's Bank of China

People's Bank of China
中国人民银行


Headquarters of the Bank in Beijing
Headquarters
CoordinatesBeijing
39°54′24″N 116°21′14″E / 39.90667°N 116.35389°E / 39.90667; 116.35389
EstablishedDecember 1, 1948; 75 years ago (1948-12-01)
Key people
Central bank ofChina
CurrencyRenminbi (RMB)
CNY (ISO 4217)
ReservesUS$3.45 trillion (2023)[1]
Reserve requirements6.6%[2]
Bank rate3.4%
Websitewww.pbc.gov.cn Edit this at Wikidata
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
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Rénmín Yínháng
Bopomofoㄓㄨㄥㄍㄨㄛˊ ㄖㄣˊㄇㄧㄣˊ ㄧㄣˊㄏㄤˊ
Gwoyeu RomatzyhJonggwo Renming Ynharng
Wade–GilesChung1kuo2 Jen2ming2
yin2hang2
Yale RomanizationJung1gwo2 ren2min2 yin2hang2
Yue: Cantonese
Yale RomanizationJūnggwok Yàhnmàhn Ngàhnhòhng
JyutpingZung1gwok3 Jan4man4
Ngan4hong4
Alternative Chinese name
Simplified Chinese人民银行
Traditional Chinese人民銀行
Literal meaningPeople Bank
Transcriptions
Standard Mandarin
Hanyu PinyinRénmín Yínháng
Bopomofoㄖㄣˊㄇㄧㄣˊ ㄧㄣˊㄏㄤˊ
Gwoyeu RomatzyhRenmin Ynharng
Wade–GilesJen2ming2 yin2hang2
Yale RomanizationRen2min2 yin2hang2
Yue: Cantonese
Yale RomanizationYàhnmàhn Ngàhnhòhng
JyutpingJan4man4 ngan4hong4
Second alternative Chinese name
Chinese央行
Literal meaningCentral Bank
Transcriptions
Standard Mandarin
Hanyu PinyinYāngháng
Gwoyeu RomatzyhIangHarng
Wade–GilesYang1hang2
Yale RomanizationYang1hang2
Yue: Cantonese
Yale RomanizationYēunghòhng
JyutpingJoeng1hong4
Tibetan name
Tibetanཀྲུང་གོ་མི་དམངས། མི་རྣམས།དངུལ་ཁང་།
Transcriptions
WylieKrung go mi dmangs
Mi rnams Dngul khang
Zhuang name
ZhuangCunghgoz Yinzminz Yinzhangz
Mongolian name
Mongolian CyrillicДундад Улсын Ардын Банк
Mongolian scriptᠳᠤᠮᠳᠠᠳᠤ
ᠤᠯᠤᠰ ᠤᠨ
ᠠᠷᠠᠳ ᠤᠨ
ᠪᠠᠩᠬᠢ
Transcriptions
SASM/GNCDundad Ulsyn Ardyn Bank
Uyghur name
Uyghurجۇڭگو خەلق بانكا
Transcriptions
Latin YëziqiJunggo Xelq Banka
Siril YëziqiҖуңго Хәлқ Банка
Portuguese name
PortugueseBanco Popular da China

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.

  1. ^ "Total reserves (includes gold, current US$) - China | Data". data.worldbank.org. Archived from the original on December 17, 2021. Retrieved August 7, 2023.
  2. ^ "China Unleashes Stimulus Package to Revive Economy, Markets". Bloomberg News. September 24, 2024. Retrieved September 24, 2024.
  3. ^ "Home > About PBC". People's Bank of China. Archived from the original on February 23, 2016. Retrieved May 31, 2022.
  4. ^ "China's PBOC pledges policy support to counter pandemic woes". Reuters. May 4, 2022. Archived from the original on May 31, 2022. Retrieved May 31, 2022.
  5. ^ Cite error: The named reference BellFeng was invoked but never defined (see the help page).