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A Brief History of the People’s Bank of China

The People’s Bank of China (PBC) was established on December 1, 1948, in Shijiazhuang, Hebei Province, by consolidating the former Huabei Bank, Beihai Bank and Xibei Farmers Bank. The Renminbi (RMB) was put into circulation at the same time. The new bank and the new currency were to become the central bank and the legal tender with the founding of the People’s Republic of China.

• On December 1, 1948, the PBC was established in Shijiazhuang, Hebei Province. On the same day, the People’s Government of North China issued a public decree, announcing that the RMB issued by the PBC would circulate in North, East and Northwest China as the legal tender for all public and private payments and transactions.

  In the period of national economic recovery, the PBC started to establish a unified national banking system under the leadership of the Central People’s Government.

• As the financial regulator and currency issuer, the PBC served both as a government agency in charge of the financial system and a national mono-bank undertaking central banking as well as commercial banking business. It managed currency circulation, provided credit, and functioned as the monetary authority and a center for monitoring the implementation of the national economic plans. Its credit provided to the state-owned enterprises, as well as individual and private businesses covered part of their working capital. Such a financial system characterized by reliance of short-term funding on the PBC and long-term funding on the fiscal authority prevailed till 1978, despite a number of adjustments during the period.

• In January 1979, Agricultural Bank of China (ABC) was restored. Later in March, Bank of China (BOC) was designated as the specialized foreign exchange bank, and the State Administration of Foreign Exchange (SAFE) was established. Afterwards, financial institutions and their business began to diversify with the restoration of the People’s Insurance Company of China (PICC) to resume insurance operations, and establishment of trust and investment companies as well as urban credit cooperatives.

  On September 17, 1983, the State Council decided that the PBC shall function as the central bank, which took effect on January 1, 1984.

  With the deepening of the economic reform and rapid economic development during this period, the PBC kept upgrading its functions and operations, developing financial markets, encouraging financial innovation, and improving its toolkit for macro-economic management. While improving the use of the policy tools available under the central planning, the PBC increased its reliance on such market-based instruments as interest rates, reserve requirement, and central bank lending for credit and liquidity management. As it endeavored to contain credit expansion and economic overheating to facilitate restructuring of the economy, the PBC also developed the capacity to use monetary policy for macro-economic management

• In 1993, according to the Decision on Reforming the Financial System by the State Council, the PBC further strengthened its conduct of monetary policy, financial regulation and financial services. It led to the separation of policy-related financial operations from commercial banking business.

  On March 18, 1995, the National People’s Congress (NPC) adopted the Law of the People’s Republic of China on the People’s Bank of China, confirming the status of the PBC as China’s central bank for the first time by legislation.

  In 2003, the China Banking Regulatory Commission (CBRC) was established to take over from the PBC the functions of supervising banks, financial asset management companies, trust and investment companies, and other deposit-taking financial institutions. On December 27, the 6th Session of the Standing Committee of the 10th NPC reviewed and adopted the Amendment to the Law of the People’s Republic of China on the People’s Bank of China.

  After the realignment of financial supervisory functions, the PBC’s mandates are officially described as “formulating and implementing monetary policy, safeguarding financial stability, and providing financial services.” Meanwhile, it is also made clear that “the People’s Bank of China is a constituent one of the agencies under the State Council. It is the central bank of the People’s Republic of China. As a macro-management authority, it formulates and implements monetary policy, safeguards financial stability, and provides financial services under the auspices of the State Council.”