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The People's Bank of China (中国人民银行, pinyin: Zhongguó Rénmín Yínháng ) (not to be confused with the Bank of China or the Central Bank of China) is the central bank of the People's Republic of China with the power to control the Chinese monetary policy and regulate Chinese financial institutions. The current structure of the bank is intentionally modelled after the Federal Reserve System of the United States.Among central banks, the PBOC has a unique history. The bank was established in 1948
shortly before the establishment of the People's Republic of China. After the communist victory, all Chinese banks were nationalized and incorporated into the PBOC. The headquarter was first located in Shijiazhuang, Hebei. It moved to Beijing in 1949. Between 1949 and 1978 the PBOC was the only bank in the People's Republic of China and was responsible for both operations associated with central banks in addition to operations associated with commercial banks.
In the 1980sMillennia: 1st millennium 2nd millennium 3rd millennium Centuries: 19th century 20th century 21st century Decades: 1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010s 2020s 2030s Years: 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Events and trends, as part of Chinese economic reformChinese economic reform refers to the program of economic changes in mainland China or the People's Republic of China (PRC) that were started in 1978 by pragmatists within the Communist Party of China (CPC) led by Deng Xiaoping and are ongoing as of the e, the commercial banking functions of the PBOC were split off into four independent but state-owned banks, and the mission of the PBOC was refocused to undertake only the functions of a central bank. This change was reflected in the People's Bank of China Law which was adopted in 19951995 was a common year starting on Sunday (see link for calendar). It has a Golden number of 1, and was the first year of the International Decade of the World's Indigenous People (1995- 2005): http://www. org/culture/indigenous . Events January events Ja whose goal was to complete the transformation of the People's Bank of China into a central bank, consciously modelled after the United States Federal Reserve System. Accordingly, in 19981998 was a common year starting on Thursday (see link for calendar), and was designated the International Year of the Ocean''. Events January January 1998 A massive ice storm, caused by El Nino, strikes New England, southern Ontario and Quebec, resulting, the PBOC underwent a major restructuring. All provincial and local branches were abolished, and the PBOC opened nine regional branches, whose boundaries did not correspond to local administrative boundaries. Like its American counterpart, this was intended to reduce the influence that local officials had on the PBOC policy making process.
The Governor of the People's Bank of China is chosen by the National People's CongressA similar term is "National Congress", which is a less common translation of People's Political Consultative Conference. The National People's Congress ( in Pinyin: Quanguo Renmin Daibio Dahui, literally "Pan-Nation Congress of the People's Representative. The current Governor is Zhou Xiaochuan . Zhu RongjiZhu Rongji Order 9th Premier Term of Office March, 1998 -March, 2003 Predecessor Li Peng Successor Wen Jiabao Date of Birth October 1, 1928 Place of Birth Changsha, Hunan Wife Lao An Political Party Communist President Jiang Zemin Zhu Rongj (born October, Premier of the People's Republic of ChinaThe Premier (, pinyin: zongli), sometimes referred to as the "Prime Minister", is the Chairman of the State Council of the People's Republic of China and head of government. The Premier is formally approved by the National People's Congress upon the nomin from 1998 to 2003, was also a former Governor.
The activities of the central bank and other details are regulated by the Law of the People's Republic of China on the People's Bank of China .
