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People's Bank of China

"PBOC" redirects here. For other uses, see PBOC (disambiguation).

People's Bank of China
Zhōngguó Rénmín Yínháng
Bank logo
Bank logo
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People's Bank of China headquarters in Beijing
39°54′24″N 116°21′14″E / 39.90667°N 116.35389°E / 39.90667; 116.35389Coordinates: 39°54′24″N 116°21′14″E / 39.90667°N 116.35389°E / 39.90667; 116.35389{{#coordinates:39|54|24|N|116|21|14|E|region:CN_type:landmark_source:kolossus-zhwiki

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</td></tr><tr class="label"><th scope="row" style="text-align:left">Headquarters</th><td>

Beijing and Shanghai</td></tr><tr><th scope="row" style="text-align:left">Established</th><td> December 1, 1948</td></tr><tr><th scope="row" style="text-align:left">Governor</th><td> Zhou Xiaochuan</td></tr><tr><th scope="row" style="text-align:left">Central bank of</th><td> 23x15px People's Republic of China</td></tr><tr><th scope="row" style="text-align:left">Currency</th><td> Renminbi (RMB)
CNY (ISO 4217)</td></tr><tr><th scope="row" style="text-align:left">Reserves</th><td> US$3.201 trillion[1]</td></tr><tr><th scope="row" style="text-align:left">Bank rate</th><td> 6.0%</td></tr><tr><th scope="row" style="text-align:left">Interest on reserves</th><td> 3.5%</td></tr><tr><th scope="row" style="text-align:left">Preceded by</th><td> Central Bank of the Republic of China</td></tr><tr><th scope="row" style="text-align:left">Website</th><td></td></tr><tr><td colspan="2" style="text-align:center;border-top:1px solid #aaaaaa;text-align:left;font-size:smaller"> For other currencies named "Yuan" and their respective central banks, see Chinese Yuan.</td></tr></table>

People's Bank of China
Chinese name
Simplified Chinese 中国人民银行
Traditional Chinese 中國人民銀行
Literal meaning China People Bank
Alternative Chinese name
Simplified Chinese 人民银行
Traditional Chinese 人民銀行
Literal meaning People Bank
Second alternative Chinese name
Chinese 央行
Literal meaning Central Bank
Tibetan name
Tibetan ཀྲུང་གོ་མི་དམངས། མི་རྣམས།དངུལ་ཁང་།
Zhuang name
Zhuang Cunghgoz Yinzminz Yinzhangz
Mongolian name
Mongolian script ᠳᠤᠮᠳᠠᠳᠤ
ᠤᠯᠤᠰ ᠤᠨ
ᠠᠷᠠᠳ ᠤᠨ
Uyghur name
جۇڭگو خەلق بانكا

The People's Bank of China (PBC or PBOC, Chinese: 中国人民银行) is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China. The People's Bank of China has more financial assets than any single public institution, and is second only to the Federal Reserve System of the United States in terms of overall central bank assets.[2][3]


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[4] or were non-deposit taking agencies.[5]

In the 1980s, as part of economic reform, the commercial banking functions of the PBC were split off into four independent but state-owned banks and in 1983, the State Council promulgated that the PBC would function as the central bank of China. Mr. 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. 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 People's Bank of China (PBC) is the largest central bank at US$3.201 trillion.[6]


The top management of the PBC is 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 and 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 Zhou Xiaochuan. Deputy governors of the management team include: Ms. Hu Xiaolian, Liu Shiyu, Yi Gang, Wang Huaqing (Commissioner of Discipline Inspection), Pan Gongsheng and Li Dongrong. Current assistant governors are Guo Qingping and Ms. Jin Qi.[7]


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:[8]

  • 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:[9]

  • 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.[10]

List of Governors

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

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.[11][12] However, this is no longer applied since the central bank started changing rates by 0.25 percentage points on October 19, 2010 (which was a rate increase).

The most recent action was announced on July 5, 2012, cutting benchmark 1-year lending rates by 25 basis points to 6.00% while the 1-year deposit rate was also reduced by 25 basis points to 3.00%.


  1. ^ Rapoza, Kenneth (October 15, 2011). "China's Cash Position Swells To Record High". BEIJING: Forbes. Retrieved October 22, 2010. 
  2. ^ "Exactly who is in charge here? Power has shifted from nations to companies". The Times. Consider the enormous power wielded by Wu Xaioling, who governs the foreign reserves of the People’s Bank of China. She controls an entity with more financial assets than any other single public finance institution in the history of the world. 
  3. ^ "All Reserve Banks, total assets.". 
  4. ^
  5. ^
  6. ^ "China's Cash Position Swells To Record High", Investing, Forbes, Kenneth Rapoza al., Oct 15, 2011, retrieved Dec 28, 2011;
  7. ^ [1]
  8. ^ The People's Bank of China. "Management and Organizational Structure". Retrieved May 29, 2012. 
  9. ^ The People's Bank of China. "Enterprises and Institutions directly under the PBC". Retrieved May 29, 2012. 
  10. ^ "AFI members". AFI Global. October 10, 2011. Retrieved 2012-02-23. 
  11. ^ "Calendar, Abacus Help Determine Size of Chinese Rate Increases". Bloomberg. May 18, 2007. 
  12. ^ Viewpoint: The "divisible by nine" rule

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

See also

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