People's Bank of China Free Essay

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People's Bank of China

The People's Bank of China (PBC) is the central bank of the People's Republic of China. Its chief mandate is to formulate and implement monetary policy and supervise and regulate the financial industry. The PBC was established on December 1, 1948 based on the consolidation of the former Huabei Bank, the Beihai Bank and the Xibei Peasant Bank. (http://www.pbc.gov.cn/english/renhangjianjie/) In September 1983, the State Council decided to have the PBC function as a central bank. The Law of the People's Republic of China on the People's Bank of China passed on March 18, 1995 legally confirmed the PBC's central bank status. Unfortunately, the multiple PBC roles of national bank, government entity, and local bank branches conflicted. Althou

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