People's Bank of China

(redirected from Zhongguo renmin yinhang)
Also found in: Financial.
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 It might be outdated or ideologically biased.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.

I. G. MAEVSKAIA

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
92/12/10 Zhongguo renmin yinhang guanyu qiye, geren bu de banli jinrong yewu de tongzhi (Circular on enterprises and individuals not being allowed to undertake financial business).
94/2/15 Zhongguo renmin yinhang dui shangye yinhang shixing zichan fuzhai bill guanli de tongzhi (Circular on the asset-liability ratio management of commercial banks).
Zhongguo renmin yinhang tongji jibao (Quarterly People's Bank of China statistics).