Editing People's Bank of China (section)

===21st century===
In 2003, the [[Standing Committee of the National People's Congress]] approved an amendment law for strengthening the role of PBC in the making and implementation of monetary policy for safeguarding the overall financial stability and provision of financial services.{{citation needed|date=August 2023}} That year, the long overdue restructuring of China's banking sector made major progress with the creation of [[Central Huijin Investment]], a PBC-managed fund that allowed the PBC to take the lead from the [[Ministry of Finance (China)|Ministry of Finance]] on the restructuring process and from the [[Organization Department of the Chinese Communist Party|CCP Central Organization Department]] on the appointment of senior bank executives.{{R|BellFeng|p=279-281}} That same year, however, the PBC reluctantly lost its direct authority over banking supervision with the creation of the [[China Banking Regulatory Commission]].{{R|BellFeng|p=149}}

In 2005, the PBC elevated its branch in [[Shanghai]] to the status of "second head office", in a move intended to mirror the prominent market-facing role of the [[Federal Reserve Bank of New York]] within the US [[Federal Reserve System]].{{R|BellFeng|p=123}} In 2006, the PBC established the Credit Reference Centre to provide financial credit reporting.<ref name=":44" />{{Rp|page=47}} In 2008, the PBC lost the direct ownership stakes it had built up in much of China's financial sector as the ownership of Central Huijin was transferred to the [[China Investment Corporation]] (CIC), a newly created [[sovereign wealth fund]].{{R|BellFeng|p=287}}

During the [[Great Recession]], the PBC helped address bank liquidity crisis by signing swap agreements with numerous other countries to provide them with liquidity based on the [[renminbi]].<ref name=":024">{{Cite book |last=Jin |first=Keyu |title=The New China Playbook: Beyond Socialism and Capitalism |date=2023 |publisher=Viking |isbn=978-1-9848-7828-1 |location=New York |author-link=Keyu Jin}}</ref>{{Rp|page=267}} {{As of|2021}}, China has swap agreements with 40 countries.<ref name=":024" />{{Rp|page=271}}

In 2010, the PBC issued administrative measures regarding [[Payment service provider|online non-financial payment services]].<ref name=":Zhang">{{Cite book |last=Zhang |first=Angela Huyue |title=High Wire: How China Regulates Big Tech and Governs Its Economy |publisher=[[Oxford University Press]] |year=2024 |isbn=9780197682258}}</ref>{{Rp|page=33}} These measures retroactively recognized the legal status of online third-party payment platforms like [[Alipay]].<ref name=":Zhang" />{{Rp|page=33}} Prior to the 2010 measures, these services existed in a legal grey area.<ref name=":Zhang" />{{Rp|page=32}}

In 2015, the PBC hosted China's first formal [[deposit insurance]] scheme.<ref>{{cite web |author=Susan Desai |date={{date|2016/02/24}} |url=https://www.frbsf.org/research-and-insights/blog/sf-fed-blog/2016/02/24/regional-comparison-chinas-new-deposit-insurance-system/ |title=A Regional Comparison of China's New Deposit Insurance System |website=Federal Reserve Bank of San Francisco Pacific Exchange Blog |access-date=April 2, 2024 |archive-date=April 2, 2024 |archive-url=https://web.archive.org/web/20240402125121/https://www.frbsf.org/research-and-insights/blog/sf-fed-blog/2016/02/24/regional-comparison-chinas-new-deposit-insurance-system/ |url-status=live }}</ref> In 2019, this scheme was reorganized as a subsidiary of the PBC, the Deposit Insurance Fund Management Company.<ref>{{cite web |url=https://www.caixinglobal.com/2019-07-08/in-depth-the-challenges-facing-chinas-nascent-deposit-insurance-system-101436661.html |website=Caixin Global |date={{date|2019/07/08}} |title=In Depth: The Challenges Facing China's Nascent Deposit Insurance System |author=Zhang Yuzhe, Wu Hongyuran & Teng Jing Xuan |access-date=April 2, 2024 |archive-date=April 2, 2024 |archive-url=https://web.archive.org/web/20240402125125/https://www.caixinglobal.com/2019-07-08/in-depth-the-challenges-facing-chinas-nascent-deposit-insurance-system-101436661.html |url-status=live }}</ref> Meanwhile, in 2017, the PBC was tasked with the secretariat of China's newly established [[Financial Stability and Development Committee]] chaired by Vice Premier [[Liu He (politician)|Liu He]]. In 2020, the PBC initiated supervision of significant [[Financial holding company|financial holding companies]].<ref>{{citation |title=Will China's impending overhaul of its financial regulatory system make a difference? |author=Martin Chorzempa and Nicolas Véron |url=https://www.piie.com/sites/default/files/2023-03/pb23-1.pdf |date=March 2023 |publisher=Peterson Institute for International Economics |location=Washington DC |access-date=April 2, 2024 |archive-date=May 25, 2024 |archive-url=https://web.archive.org/web/20240525204752/https://www.piie.com/sites/default/files/2023-03/pb23-1.pdf |url-status=live }}</ref>{{rp|6–7}}

The PBC underwent through another major restructuring in 2023 as part of the [[plan on reforming Party and state institutions]], with the abolition of the nine regional branches established in 1998, which had already seen their authority watered down by a change in 2004 that had returned authority to the PBC's branches at the provincial level and further changes in 2018.<ref>{{cite web |author=Wu Hongyuran, Zhang Yuzhe & Lin Jinbing |date={{date|2018/08/20}} |title=Central Bank to Turn Clock Back to 1998, Give Each Province Own Branch |url=https://www.caixinglobal.com/2018-08-20/central-bank-to-turn-clock-back-to-1998-give-each-province-own-branch-101316939.html |url-status=live |archive-url=https://web.archive.org/web/20221225212542/https://www.caixinglobal.com/2018-08-20/central-bank-to-turn-clock-back-to-1998-give-each-province-own-branch-101316939.html |archive-date=December 25, 2022 |access-date=April 13, 2024 |website=[[Caixin]]}}</ref><ref name=":3" /> Additionally, the PBC's county-level branches were absorbed by city-level branches.<ref name=":4">{{Cite news |date=8 March 2023 |title=What China's Powerful Financial Regulator Means for PBOC |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-03-08/what-china-s-new-powerful-financial-regulator-means-for-pboc |access-date=3 September 2023 |archive-date=June 4, 2023 |archive-url=https://web.archive.org/web/20230604021943/https://www.bloomberg.com/news/articles/2023-03-08/what-china-s-new-powerful-financial-regulator-means-for-pboc |url-status=live }}</ref> The new branches were inaugurated on August 18, 2023.<ref name=":5">{{Cite news |date=18 August 2023 |title=中国人民银行各省（自治区、直辖市）分行、计划单列市分行及地（市）分行今日挂牌 |trans-title=Branches of the People's Bank of China in all provinces (autonomous regions, municipalities directly under the Central Government), branches in cities specifically designated in the state plan, and prefectural (city) branches are listed today |work=[[China News Service]] |url=https://www.chinanews.com.cn/cj/2023/08-18/10063175.shtml |access-date=3 September 2023 |archive-date=August 18, 2023 |archive-url=https://web.archive.org/web/20230818040334/https://www.chinanews.com.cn/cj/2023/08-18/10063175.shtml |url-status=live }}</ref> The oversight over financial holding companies and financial consumer protection was also transferred from the PBC to the newly established [[National Financial Regulatory Administration]] (NFRA).<ref name=":4" /> Around 1,600 county-level branches of the PBC are planned to be absorbed to the NFRA; the PBC had 1,761 such branches at the end of 2021.<ref name=":6">{{Cite news |last1=Cheng |first1=Leng |last2=Sun |first2=Yu |date=25 December 2023 |title=China sidelines its once venerated central bank |work=[[Financial Times]] |url=https://www.ft.com/content/b809c735-5ae7-433f-964d-f12ca7320538 |url-status=live |url-access=subscription |access-date=25 December 2023 |archive-url=https://web.archive.org/web/20231225073827/https://www.ft.com/content/b809c735-5ae7-433f-964d-f12ca7320538 |archive-date=December 25, 2023}}</ref>