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 ?
If the People's Bank of China targets a stable trade-weighted exchange rate, weakness in the two heavy weights against the U.
After the session, HE Sheikh Abdullah bin Saud Al Thani and President of the People's Bank of China signed a renewal of the agreement on the investment of Chinese currency and investment tools for two years.
Perng reported that after the launch of cross-Strait currency clearance mechanism, the CBC will continue to negotiate with People's Bank of China for the establishment of currency swap mechanism, which will enable the CBC to include renminbi assets into the portfolio of forex reserves.
5 per cent to 1 per cent, " the People's Bank of China said in a short statement on its website.
In July last year, the People's Bank of China and the Monetary Authority of Singapore announced the establishment of a bilateral currency swap arrangement for the purpose of promoting bilateral trade and direct investment for economic development of the two countries.
The People's Bank of China, which conducts regular open-market operations Tuesdays and Thursdays, has drained a net CNY83bn from the money market last week through its open-market operations.
Many in the United States, however, incorrectly complain that China obtains an unfair trade advantage and gains on foreign investments because the People's Bank of China systematically undervalues the renminbi relative to the dollar.
That fixed peg, which had been in place since 1996, was cancelled abruptly in late July, though the new system adopted by Chinese leaders is far from free-floating But the announcement by the People's Bank of China was accompanied by a slight increase in the yuan's value and a pledge to "move into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies.
Sponsoring organizations are the following: Bank of Algeria, National Bank of Belgium, Central Bank of Brazil, Bank of Canada, People's Bank of China, Bank of England, European Central Bank, Bank of France, Deutsche Bundesbank, Bank of Greece, Hong Kong Monetary Authority, Central Bank of Iceland, Bank of Italy, Bank of Japan, Netherlands Bank, Norges Bank, Bank of Portugal, Central Bank of Russian Federation, Monetary Authority of Singapore, Bank of Spain, Sveriges Riksbank, Swiss National Bank, Central Bank of Turkey, Federal Reserve Board, and Bank for International Settlements.
3, Deputy Governor of the People's Bank of China H Ruogu responded to a question regarding the time frame.
e-Business infrastructure provider, has announced that the People's Bank of China (PBOC) has selected Sybase's database and application development tools for its China National Advanced Payment System (CNAPS).
Vcon has already installed a comparable network in the four provinces covered by the Tianjin branch of the People's Bank of China.
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