People's Bank of China

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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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.


The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
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Speaking at the Legislative Yuan, Perng pointed out that the Taipei branch of the Bank of China, which has been designated as the renminbi clearance bank in Taiwan, will sign a currency clearance contract with People's Bank of China, clarifying the scope and rights/obligations for the authorization of renminbi clearance business.
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