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 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.
By investing the funds to the market, the Peoples Bank of China is seeking to signal to capitalists that it hasnt altered its easing bias.
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.
European Central Bank (ECB) and Peoples Bank of China (PBC) extend for three years bilateral currency swap arrangement established in 2013
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 said that reserve ratio would fall 50 basis points on February 5, to 19.
On April 24th and 25th, the Peoples Bank of China and the Bank for International Settlements (BIS) co-hosted the 10th Annual Workshop of the Asian Research Network in Chengdu.
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.
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The Peoples Bank of China (PBOC) has invited applications for six open positions for digital currency related fields.