People's Bank of China

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People’s Bank of China


the central bank of issue, credit, clearing, and deposit of the Chinese People’s Republic. Founded on Dec. 1, 1948, upon the merger of the People’s Bank of North China, the Peihai Peasants’ Bank, and the Northwest Peasants’ Bank. Funds allocated to the state budget and to state organizations and enterprises are deposited in the People’s Bank. A network of savings banks is also under its jurisdiction. The bank provides for the credit requirements of the national economy. It offers short-term credits to cover the purchase of greater than normal stocks of goods and materials and the procurement of agricultural products for export. The current cash requirements of organizations and enterprises are also met through the bank.

The People’s Bank of China carries out international clearing operations and buys and sells gold and silver. The bank sets the exchange rate between foreign currency and the yuan, or jenminpi. One of the largest credit institutions in the world, the bank acts as correspondent to banks in numerous other countries. In 1971, the bank had 34,000 branches in the country and abroad, with its main offices in Peking.


References in periodicals archive ?
said Zhimin Zhang, manager of the banking card department of People's Bank of China.
In February 1994, the People's Bank of China (PBOC) decided to set up CFETS in Shanghai to meet the demands of the country's FX administration system reform.
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The announcement from the People's Bank of China is helpful, and evidence that the Chinese Central Bank feels sufficiently comfortable with the outlook for inflation that it can begin to loosen China's increasingly tight monetary policy.
In August 2010, People's Bank of China allowed, on a trial basis, some offshore financial institutions to invest in mainland China's interbank bond market, prompting the flowing back of offshore renminbi funds into the mainland and increasing the extent of renminbi's internationalization.
This summit was successfully organized in 2008 and 2009 and is becoming a brand in China and the Asia Pacific region and attracted attention from the People's Bank of China.
On June 19, the People's Bank of China indicated--once again--that it would loosen its grip on the renminbi-dollar exchange rate and allow the renminbi to appreciate against the dollar.
5 billion, according to a report of the People's Bank of China which was quoted today by The Associated Press.
The People's Bank of China said Tuesday last week's 2 percent currency revaluation would not lead to further changes, despite reports to the contrary in overseas media.
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