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 ?
IMF Managing Director Christine Lagarde made the following statement at the signing ceremony: "I very much welcome the initiative of the Peoples Bank of China to establish a new center for capacity development and strengthen cooperation with the IMF.
Can serve as backstop liquidity facility to address potential shortage of renminbi for euro area banks The European Central Bank (ECB) and the Peoples Bank of China (PBC) have decided to extend for another three years their 2013 bilateral currency swap arrangement, with the same conditions and parameters.
The bilateral currency swap line agreement between the Peoples Bank of China and the Central Bank of Hungary has been renewed for a further three years with a maximum value of RMB 10 billion.
The Peoples Bank of China has issued a statement announcing that it will be focussing on controlling risks in the financial system, as a priority.
All AMCs remain under the supervision of Peoples Bank of China with input from the State Securities Supervisory Committee of China and the Ministry of Finance.
The Peoples Bank of China provided the funds in the form of what are called as 7-day reverse repurchase deal at an interest rate of 2.
The action came after the Peoples Bank of China tried not to revive a credit line of the similar amount to China Development Bank, a major policy bank, in the belief that market liquidity had been a plenty.
The Peoples Bank of China has drained capital from the money markets.
The membership of China would boost partnership between the One Belt, One Road Initiative and European investment plans, and offer a wide space for collaboration in Europe, the Mediterranean and central Asia, said the Peoples Bank of China in their application letter.
Figures from the Peoples Bank of China (PBoC) indicate that bad loans have decreased in China.
The Peoples Bank of China has reiterated that it would implement measures to improve credit quality.