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 ?
The Peoples Bank of China said that reserve ratio would fall 50 basis points on February 5, to 19.
Since 2003, the Peoples Bank of China has offset--sterilized, in econspeak--the expansionary effects of its official reserve accumulation on its monetary base by selling renminbi bonds to the banking system.
Mellor's experience includes winning and managing transformational change assignments for one of the 'Big Four' consulting firms, and advising many of the world's top tier institutions including JPMorganChase, Barclays, Credit Suisse, Industrial Bank of Japan, Bank of China, Reuters and several Exchanges and Central Banks, including the Ministry of Finance, Japan and the Peoples Bank of China.
The Peoples Bank of China has said that the liquidity in the banking system was ample and it saw no immediate reason to inject any funds.
We plan to continue on this successful path working and consulting with the Peoples Bank of China, government officials and other financial institutions to bring credit and technology solutions and services to this growing economy.
The Peoples Bank of China has sent warnings to Bank of China (SHA: 601988) and the Industrial and Commercial Bank of China Ltd (SHA:601398) for exceeding the quotas on loans set by the central banks for the month of January.