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.

I. G. MAEVSKAIA

References in periodicals archive ?
This complete videoconferencing solution for the Tianjin Branches of China People's Bank (CPB) represents one of the world's largest room-based IP videoconferencing solutions for a single banking network, and the first IP videoconferencing application deployed over the China National Finance Network (CNFN) in China's banking history.
323 NGK-100 Gatekeeper were integrated in a cascading cluster configuration, along with one hundred VCON endpoints, including MediaConnect Room-based units and Desktop Systems, enabling real-time, interactive multipoint conferencing at 384Kbps between the Tianjin Branches of China People's Bank (CPB) across Tianjin, Hebei, Shanxi and Inner Mongolia.
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