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People's Bank of China |
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People's
Bank of China
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The People's
Bank of China (PBC) was established on December 1, 1948 based on the
consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank.
In September 1983, the State Council decided to have the PBC function as a
central bank.
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The Law of
the People's Republic of China on the People's Bank of China adopted on
March 18, 1995 by the 3rd Plenum of the 8th National People's Congress has
since legally confirmed the PBC's central bank status. With the improvement
of the socialist market economic system, the PBC, as a central bank, will
play an even more important role in China's macroeconomic management.
The amended
Law of the Pople's Republic of China on the People's Bank of China, adopted
by the 6th meeting of the Standing Committee of the 10th National People's
Congress on December 27, 2003, provides that the PBC performs the following
major functions: |
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(1) Drafting and enforcing relevant laws, rules and regulations that are
related to fulfilling its functions;
(2) Formulating and implementing monetary policy in accordance with law;
(3) Issuing the Renminbi and administering its circulation;
(4) Regulating financial markets, including the inter-bank lending market,
the inter-bank bond market, foreign exchange market and gold market;
(5) Preventing and mitigating systemic financial risks to safeguard
financial stability;
(6) Maintaining the Renminbi exchange rate at adaptive and equilibrium
level; Holding and managing the state foreign exchange and gold reserves;
(7) Managing the State treasury as fiscal agent;
(8) Making payment and settlement rules in collaboration with relevant
departments and ensuring normal operation of the payment and settlement
systems;
(9) Providing guidance to anti-money laundering work in the financial sector
and monitoring money-laundering related suspicious fund movement;
(10) Developing statistics system for the financial industry and responsible
for the consolidation of financial statistics as well as the conduct of
economic analysis and forecast;
(11) Administering credit reporting industry in China and promoting the
building up of credit information system;
(12) Participating in international financial activities at the capacity of
the central bank;
(13) Engaging in financial business operations in line with relevant rules;
and
(14) Performing other functions prescribed by the State Council.
Like all other central banks in
the world, PBC must be well managed
and pursue a goal-oriented approach, as consistent as possible with
international best practice. The PBC also responsible in determined the
Base Interest Rate in China.
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People's Bank of China |
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HQ
Address: |
No.32
Chengfang Street
Xi Cheng District
Beijing 100800
China |
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Telephone: |
+
86-010-66194114 |
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Swift Code: |
PBOCCNBJ |
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Website: |
www.pbc.gov.cn |
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E-mail: |
webbox@pbc.gov.cn
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Currency: |
Renminbi |
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Banking Hours: |
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Monday - Friday : 9.00am - 5.00pm |
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The objective of the monetary policy is to
maintain the stability of the value of the currency and thereby promote
economic growth. The monetary policy instruments applied by the PBC
include reserve requirement ratio, central bank base interest rate,
rediscounting, central bank lending, open market operation and other policy
instruments specified by the State Council. |
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