Editing People's Bank of China

{{Short description|Central bank of the People's Republic of China}}
{{Use mdy dates|date=June 2013}}
{{About|the central bank of China|the national commercial bank in China|Bank of China|the Filipino banking company|Chinabank}}
{{Infobox central bank
| native_name = {{nobold|{{lang|zh-Hans|中国人民银行}}}}
| logo = People's Bank of China logo.png
| logo_size = 170px
| image = People's Bank of China Headquarter, Beijing.jpg
| image_size = 
| caption = Headquarters of the Bank in Beijing
| headquarters = {{hlist|[[Beijing]]|[[Shanghai]]}}
| coordinates = Beijing<br>{{coord|39|54|24|N|116|21|14|E|type:landmark_region:CN-11_source:kolossus-zhwiki|display=inline,title}}
| established = {{Start date and age|1948|12|01}}
| key_people = {{ubl|[[Pan Gongsheng]], [[Governor of the People's Bank of China|Governor]] and [[Chinese Communist Party Committee Secretary|CCP Committee Secretary]]}}
| bank_of = [[China]]
| currency = [[Renminbi]] (RMB)
| currency_iso = CNY
| reserves = US$3.45 trillion {{small|(2023)}}<ref>{{Cite web |title=Total reserves (includes gold, current US$) - China {{!}} Data |author= |work=data.worldbank.org |date= |access-date=7 August 2023 |url=https://data.worldbank.org/indicator/FI.RES.TOTL.CD?locations=CN |archive-date=December 17, 2021 |archive-url=https://web.archive.org/web/20211217211433/https://data.worldbank.org/indicator/FI.RES.TOTL.CD?locations=CN |url-status=live }}</ref>
| reserve_requirements = 6.6%<ref>{{Cite news |date=24 September 2024 |title=China Unleashes Stimulus Package to Revive Economy, Markets |url=https://www.bloomberg.com/news/articles/2024-09-24/china-frees-banks-to-lend-more-cuts-key-interest-rate |access-date=24 September 2024 |work=[[Bloomberg News]]}}</ref>
| borrowing_rate = 3.4%
| excess_reserves = 
| predecessor = 
| website = {{Official URL}}
}}
{{Infobox Chinese
| s = 中国人民银行
| t = 中國人民銀行
| l = China People Bank
| p = Zhōngguó Rénmín Yínháng
| zha = Cunghgoz Yinzminz Yinzhangz
| uig = جۇڭگو خەلق بانكا
| mong = ᠳᠤᠮᠳᠠᠳᠤ<br />ᠤᠯᠤᠰ ᠤᠨ<br />ᠠᠷᠠᠳ ᠤᠨ<br />ᠪᠠᠩᠬᠢ
| tib = {{bo-textonly|ཀྲུང་གོ་མི་དམངས། མི་རྣམས།དངུལ་ཁང་།}}
| mon = Дундад Улсын Ардын Банк
| order = st
| s2 = 人民银行
| t2 = 人民銀行
| p2 = Rénmín Yínháng
| l2 = People Bank
| c3 = 央行
| p3 = Yāngháng
| l3 = Central Bank
| j = Zung<sup>1</sup>gwok<sup>3</sup> Jan<sup>4</sup>man<sup>4</sup> <br />Ngan<sup>4</sup>hong<sup>4</sup>
| altname = 
| wylie = Krung go mi dmangs  <br />Mi rnams Dngul khang
| uly = Junggo Xelq Banka
| usy = Җуңго Хәлқ Банка
| gr = Jonggwo Renming Ynharng
| w = Chung<sup>1</sup>kuo<sup>2</sup> Jen<sup>2</sup>ming<sup>2</sup>  <br />yin<sup>2</sup>hang<sup>2</sup>
| y = Jūnggwok Yàhnmàhn Ngàhnhòhng
| w2 = Jen<sup>2</sup>ming<sup>2</sup>  yin<sup>2</sup>hang<sup>2</sup>
| j2 = Jan<sup>4</sup>man<sup>4</sup> ngan<sup>4</sup>hong<sup>4</sup>
| y2 = Yàhnmàhn Ngàhnhòhng
| gr2 = Renmin Ynharng
| bpmf2 = ㄖㄣˊㄇㄧㄣˊ ㄧㄣˊㄏㄤˊ
| bpmf = ㄓㄨㄥㄍㄨㄛˊ ㄖㄣˊㄇㄧㄣˊ ㄧㄣˊㄏㄤˊ
| myr2 = Ren<sup>2</sup>min<sup>2</sup> yin<sup>2</sup>hang<sup>2</sup>
| myr = Jung<sup>1</sup>gwo<sup>2</sup> ren<sup>2</sup>min<sup>2</sup> yin<sup>2</sup>hang<sup>2</sup>
| monr = Dundad Ulsyn Ardyn Bank
| w3 = Yang<sup>1</sup>hang<sup>2</sup>
| y3 = Yēunghòhng
| j3 = Joeng<sup>1</sup>hong<sup>4</sup>
| gr3 = IangHarng
| myr3 = Yang<sup>1</sup>hang<sup>2</sup>
| por = Banco Popular da China
}}
{{Politics of China |expanded = Executive }}

The '''People's Bank of China''' (officially '''PBC'''<ref>{{Cite web |title=Home > About PBC |url=http://www.pbc.gov.cn/english/130712/index.html |access-date=2022-05-31 |website=People's Bank of China |archive-date=February 23, 2016 |archive-url=https://web.archive.org/web/20160223132208/http://www.pbc.gov.cn/english/130712/index.html |url-status=live }}</ref> and unofficially '''PBOC'''<ref>{{Cite news |date=2022-05-04 |title=China's PBOC pledges policy support to counter pandemic woes |language=en |work=Reuters |url=https://www.reuters.com/business/finance/chinas-pboc-pledges-policy-support-counter-pandemic-woes-2022-05-04/ |access-date=2022-05-31 |archive-date=May 31, 2022 |archive-url=https://web.archive.org/web/20220531210011/https://www.reuters.com/business/finance/chinas-pboc-pledges-policy-support-counter-pandemic-woes-2022-05-04/ |url-status=live }}</ref>) is the [[central bank]] of the [[People's Republic of China]].<ref name="BellFeng" /> It is responsible for carrying out [[Monetary policy of China|monetary policy]] as determined by the ''PRC People's Bank Law'' and the ''PRC Commercial Bank Law''.

The PBC was established in 1948 as the bank serving areas of [[mainland China]] under [[Chinese Communist Party]] (CCP) control and became China's sole central bank after the [[Proclamation of the People's Republic of China|founding]] of the People's Republic of China in 1949. From 1969 to 1978, the PBC was demoted to a bureau of the [[Ministry of Finance (China)|Ministry of Finance]]. The PBC was extensively reformed during the 1990s, when its provincial and local branches were abolished, instead opening nine regional branches. In 2023, these reforms were reversed as when the regional branches were abolished and the provincial branches restored, and new arrangements essentially ended the PBC's longstanding role in [[financial supervision]].

The PBC is the 25th-ranked of 26 [[Constituent departments of the State Council|ministerial-level departments]] of the [[State Council of the People's Republic of China|State Council]]. The PBC lacks [[central bank independence]] and is required to implement the policies of the [[Chinese Communist Party]] (CCP) under the direction of the party's [[Central Financial Commission]]. The PBC is led by a governor assisted by several deputy governors and a [[Chinese Communist Party Committee Secretary|CCP Committee Secretary]]. Since 2023, the roles of governor and CCP Committee Secretary have been held jointly by [[Pan Gongsheng]].

== History ==

===Mao era===
The bank was established on December 1, 1948, based on the consolidation of the [[North China|Huabei]] Bank, the [[Beihai]] Bank and Northwestern Farmers' Bank.<ref name=":32">{{Cite book |last=Liu |first=Zongyuan Zoe |title=Sovereign Funds: How the Communist Party of China Finances its Global Ambitions |publisher=The Belknap Press of [[Harvard University Press]] |year=2023 |isbn=9780674271913 |pages=}}</ref>{{Rp|page=37}} The headquarters was first located in [[Shijiazhuang]], [[Hebei]], and then moved to Beijing in 1949. Between 1950 and 1978 the PBC was the only bank in the People's Republic of China and was responsible for both [[central bank]]ing and [[commercial bank]]ing operations.<ref name=":0232">{{Cite book |last=Roach |first=Stephen S. |url= |title=Accidental Conflict: America, China, and the Clash of False Narratives |date=2022 |publisher=[[Yale University Press]] |isbn=978-0-300-26901-7 |location=New Haven |doi=10.12987/9780300269017 |jstor=j.ctv2z0vv2v |oclc=1347023475 |author-link=Stephen S. Roach}}</ref>{{Rp|page=225}}  All other banks within mainland China such as the [[Bank of China]] were either organized as divisions of the PBC<ref>[http://www.boc.cn/en/aboutboc/ab1/200808/t20080814_1601747.html "History of Bank of China"] {{Webarchive|url=https://web.archive.org/web/20130503230707/http://www.boc.cn/en/aboutboc/ab1/200808/t20080814_1601747.html |date=May 3, 2013 }}, ''Boc.cn'', Retrieved 2015-11-23.</ref> or were non-deposit taking agencies.<ref>[http://www.ccb.com/en/investor/history.html "History"] {{Webarchive|url=https://web.archive.org/web/20130325125531/http://www.ccb.com/en/investor/history.html |date=March 25, 2013 }}, China Construction Bank webpage. Retrieved 2015-11-23.</ref><ref name=":0">{{Cite book |last1=Zimmerman |first1=James M. |url=https://books.google.com/books?id=oDpWHVz2tO0C&pg=PA449 |title=James M. Zimmerman 2010. China Law Deskbook. |publisher=[[American Bar Association]] |year=2005 |isbn=9781616327897 |access-date=June 12, 2018 |archive-url=https://web.archive.org/web/20240606003652/https://books.google.com/books?id=oDpWHVz2tO0C&pg=PA449#v=onepage&q&f=false |archive-date=June 6, 2024 |url-status=live}}</ref>{{Rp|page=449}}

From 1952 to 1955 government shares were added to private banks to make state-private banks, until under the first [[Five-year plans of China|Five Year plan]] from 1955 to 1959 the PBC had complete control of the private banks, making them branches of the PBC, closely resembling the vision of [[Vladimir Lenin]].{{citation needed|date=August 2023}} With aid from the [[Soviet Union]], the shares of private enterprises and with them industrial output followed a similar path, forming a Soviet-style [[planned economy]].

During the [[Cultural Revolution]], the PBC suspended its commercial banking service.<ref name=":32" />{{Rp|page=38}} In June 1969, the [[State Council of the People's Republic of China|State Council]] approved the consolidation of PBC's headquarters as a bureau within the [[Ministry of Finance (China)|Ministry of Finance]].<ref name=":32" />{{Rp|page=38}} In that context, the PBC's head office was downsized to no more than eighty staff.<ref name=BellFeng>{{cite book |author=Stephen Bell & Hui Feng |title=The Rise of the People's Bank of China: The Politics of Institutional Change |publisher=Harvard University Press |year=2013}}</ref>{{rp|58}} Local PBC branches were correspondingly merged into local government finance departments.<ref name=":32" />{{Rp|page=38}}

===Early reform era===
The institutional demotion of the PBC was reversed in March 1978 as it was separated from the Finance Ministry and granted ministerial ranking.{{R|BellFeng|p=62}}

By then and with the exception of special allocations for rural development, the monolithic PBC dominated all business transactions and credit. In 1979, China initiated a transition from that [[single-tier banking system]] to a two-tier system, which was largely completed by 1984.<ref name=":1" />{{Rp|pages=188–189}} In March 1979, as part of the [[Chinese economic reform]]s, the State Council split off state-owned banks from the PBC, first the [[Agricultural Bank of China]] (ABC) and the [[Bank of China]] (BOC). The [[People's Construction Bank of China]], which had been run separately under the Ministry of Finance, was also made autonomous (and later renamed [[China Construction Bank]] in 1986). In January 1984, the PBC's own commercial banking operations were spun off as the [[Industrial and Commercial Bank of China]] (ICBC).{{R|BellFeng|p=63}}<ref name=":0" />{{Rp|page=450}} In September 1983, the State Council had promulgated that the PBC would function exclusively as the central bank of China and no longer undertake commercial banking activities.<ref name=":32" />{{Rp|page=42}}

Modernization efforts continued in the late 1980s and early 1990s. In 1990, the PBC moved into its new head office building, prominently located on [[West Chang'an Avenue]].<ref name=Yu>{{cite book |title=Chang'An Avenue and the Modernization of Chinese Architecture |author=Shuishan Yu|location=Seattle and London |publisher=University of Washington Press |date=2012 |url=http://www.e-library.upj.ac.id:99/slims/e-books/index.php?p=fstream-pdf&fid=2728&bid=1416}}</ref>{{rp|47}} In 1991, Vice Governor [[Chen Yuan]] spearheaded the creation of the Electronic Interbank System (EIS), the PBC's first state-of-the-art [[financial market infrastructure]].{{R|BellFeng|p=285}} In 1992, however, the PBC had to reluctantly concede the spinning off of its securities regulatory duties to the newly established [[China Securities Regulatory Commission]],{{R|BellFeng|p=149}} whose first chair was former PBC vice governor [[Liu Hongru]].

The bank's profile was greatly raised by the appointment of [[Zhu Rongji]] as its governor in 1993, simultaneously as his role as [[Vice Premier of China|Vice Premier]] in charge of economic and financial affairs.{{R|BellFeng|p=125}}. Its central bank status was legally confirmed on March 18, 1995, by the 3rd Plenum of the [[8th National People's Congress]], and was granted a higher degree of autonomy than other State Council ministries by an act that year.<ref name=":1">{{Cite book |last1=Chiu |first1=Becky |url=https://books.google.com/books?id=-GTCsC6AqVUC&pg=PA203 |title=Reforming China's State-owned Enterprises and Banks |last2=Lewis |first2=Mervyn |date=2006-01-01 |publisher=Edward Elgar Publishing |isbn=978-1-84542-988-1 |pages= |language=en |access-date=June 12, 2018 |archive-url=https://web.archive.org/web/20231225171546/https://books.google.com/books?id=-GTCsC6AqVUC&pg=PA203#v=onepage&q&f=false |archive-date=December 25, 2023 |url-status=live}}</ref>{{Rp|page=203}} In 1996 and 1996, the PBC established fundamental regulations on loans and consumer credit.<ref name=":44">{{Cite book |last=Brussee |first=Vincent |title=Social Credit: The Warring States of China's Emerging Data Empire |publisher=[[Palgrave MacMillan]] |year=2023 |isbn=9789819921881 |location=Singapore |doi=10.1007/978-981-99-2189-8}}</ref>{{Rp|page=20}}

In 1998, the PBC underwent a major restructuring. All provincial and local branches were abolished, and the PBC opened nine regional branches, whose boundaries did not correspond to local administrative boundaries.<ref name=":3">{{Cite news |last=Wei |first=Lingling |author-link=Lingling Wei |date=2023-03-12 |title=Xi Jinping Brings China's Reform Era to an End |url=https://www.wsj.com/articles/xi-jinping-brings-chinas-reform-era-to-an-end-610b9186 |url-access=subscription |url-status=live |archive-url=https://web.archive.org/web/20230829101600/https://www.wsj.com/articles/xi-jinping-brings-chinas-reform-era-to-an-end-610b9186 |archive-date=August 29, 2023 |access-date=2023-09-03 |work=[[The Wall Street Journal]] |language=en-US |issn=0099-9660}}</ref> The nine branches were located in [[Chengdu]], [[Guangzhou]], [[Jinan]], [[Nanjing]], [[Shanghai]], [[Shenyang]], [[Tianjin]], [[Wuhan]], and [[Xi'an]], complemented by a sub-provincial network of city-level and county-level sub-branches.{{R|BellFeng|p=144}} That same year, the so-called credit plan, a key feature of China's former state planning process, was finally abandoned, allowing the PBC to play a genuine role as monetary policy authority.{{R|BellFeng|p=99}}

===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>

==Operations==
{{See also|Governor of the People's Bank of China}}

The PBC is a [[Cabinet (government)|cabinet]]-level [[Constituent departments of the State Council|executive department]] of the [[State Council of the People's Republic of China|State Council]].<ref name=":1" />{{Rp|page=203}} The top management of the PBC are composed of the governor and a certain number of deputy governors. The governor is nominated by the [[Premier of China|premier of the State Council]], who is then approved by the [[National People's Congress]] or its [[Standing Committee of the National People's Congress|Standing Committee]] and appointed by the [[President of China|president]].The deputy governors of the PBC are appointed to or removed from office by the premier.<ref name=":0222">{{Cite web |title=Constitution of the People's Republic of China |url=http://www.npc.gov.cn/englishnpc/constitution2019/201911/1f65146fb6104dd3a2793875d19b5b29.shtml |access-date=2022-08-08 |website=[[National People's Congress]] |archive-date=July 2, 2023 |archive-url=https://web.archive.org/web/20230702212731/http://www.npc.gov.cn/englishnpc/constitution2019/201911/1f65146fb6104dd3a2793875d19b5b29.shtml |url-status=live }}</ref>

The PBC adopts the governor responsibility system under which the governor supervises the overall work of the PBC while the deputy governors provide assistance to the governor to fulfill his or her responsibility. The current governor is [[Pan Gongsheng]]. Deputy governors of the management team include: [[Zhu Hexin]], [[Zhang Qingsong]], [[Xuan Changneng]], [[Lu Lei]], and [[Tao Ling]].<ref>{{Cite web |title=Management Team |url=http://www.pbc.gov.cn/en/3688066/3688083/index.html |access-date=12 July 2024 |website=People's Bank of China}}</ref>

The PBC does not have [[central bank independence]] and is required to implement the policies of the [[Chinese Communist Party]] (CCP).<ref name=":2">{{Cite news |last=Wei |first=Lingling |author-link=Lingling Wei |date=2021-12-08 |title=Beijing Reins In China's Central Bank |url=https://www.wsj.com/articles/beijing-reins-in-chinas-central-bank-11638981078 |url-access=subscription |url-status=live |archive-url=https://web.archive.org/web/20220520190830/https://www.wsj.com/articles/beijing-reins-in-chinas-central-bank-11638981078 |archive-date=May 20, 2022 |access-date=2023-08-31 |work=[[The Wall Street Journal]] |language=en-US |issn=0099-9660 |quote=Beijing has little tolerance for any talk of central-bank independence; the monetary authority, just like any other part of the government, answers to the party.}}</ref> It operates under the direction of the CCP's [[Central Financial Commission]].<ref name=":6" /> The [[Chinese Communist Party Committee Secretary|CCP committee secretary]] of the PBC is the most powerful position in the bank and can hold more sway than the governor. The current CCP committee secretary is Pan Gongsheng.<ref>{{Cite news |last1=White |first1=Edward |last2=Leng |first2=Cheng |date=2023-07-01 |title=Western-trained banker in line to lead China's central bank |work=[[Financial Times]] |url=https://www.ft.com/content/fed2ffe0-cdf3-446e-ac22-0ebacb39d1f9 |url-access=subscription |access-date=2023-07-01 |archive-date=July 1, 2023 |archive-url=https://web.archive.org/web/20230701175953/https://www.ft.com/content/fed2ffe0-cdf3-446e-ac22-0ebacb39d1f9 |url-status=live }}</ref>

The PBC Monetary Policy Committee is an advisory body chaired by the PBC governor. It typically includes the directors and deputy directors of other financial agencies, as well as a few influential academic economists.<ref name=":02">{{Cite web |title=Decoding Chinese Politics |url=https://asiasociety.org/policy-institute/decoding-chinese-politics |access-date=2 October 2023 |website=[[Asia Society]] |archive-date=October 3, 2023 |archive-url=https://web.archive.org/web/20231003235654/https://asiasociety.org/policy-institute/decoding-chinese-politics |url-status=live }}</ref>

===Central departments===
[[File:People's Bank of China (2006-02-18).jpg|thumb|The PBC building in 2006]]
The head office building of the PBC, on [[West Chang'an Avenue]], was constructed in 1987–1990 on a design by a team of architects led by Zhou Ru.{{R|Yu|p=49}} While its materials are modern, its shape refers to two traditional Chinese motifs, namely [[Sycee|yuanbao]] ingots and "wealth vases" ({{lang-zh|Jùbǎopén}}) from Chinese folklore.{{R|Yu|p=176}}

{{As of|2019}}, the PBC consisted of functional departments (bureaus) as below:<ref>{{cite web |author= |title=Organizational Structure |url=http://www.pbc.gov.cn/en/3688066/3688095/index.html |access-date=3 September 2023 |website=The People's Bank of China |archive-date=August 27, 2019 |archive-url=https://web.archive.org/web/20190827085748/http://www.pbc.gov.cn/en/3688066/3688095/index.html |url-status=live }}</ref>
{{div-col}}
*General Administration Department (General Office of the CCP PBC Committee)
*Legal Affairs Department
*Monetary Policy Department
*Macroprudential Policy Bureau
*Financial Market Department
*Financial Stability Bureau
*Statistics and Analysis Department
*Accounting and Treasury Department
*Payment System Department
*Technology Department
*Currency, Gold and Silver Bureau
*State Treasury Bureau
*International Department
*Internal Auditing Department
*Human Resources Department (Organization Division of the CCP PBC Committee)
*Research Bureau
*Credit Information System Bureau
*Anti-Money Laundering Bureau (Security Bureau)
*Financial Consumer Protection Bureau
*Education Department of the CCP PBC Committee
*CCP Committee of the PBC Head Office (Office of Inspections)
*Retired Staff Management Bureau
*Office of Senior Advisors
*Staff Union Committee
*Youth League
<!-- *[[State Administration of Foreign Exchange]] manages [[Foreign exchange reserves of the People's Republic of China|China's forex reserves]] This is not on the PBC organization page -->
{{div-col-end}}
===Branches and offices===
[[File:中央银行天津分行大楼.jpg|thumb|People's Bank of China Tianjin branch, formerly the [[Central Bank of the Republic of China (Taiwan)|Central Bank]] Tientsin Branch building until 1949, now a protected heritage site]]

The PBC has branches in each 31 [[Province-level divisions of China|provincial-level administrative divisions]] in China, branches in five cities (Shenzhen, Dalian, Ningbo, Qingdao, and Xiamen), and 317 branches in [[Prefecture-level divisions of China|prefecture-level divisions]].<ref name=":5" /> 

It has 6 overseas representative offices (PBC Representative Office for America, PBC Representative Office (London) for Europe, PBC Tokyo Representative Office, PBC Frankfurt Representative Office, PBC Representative Office for Africa, Liaison Office of the PBC in the Caribbean Development Bank).

===Affiliate institutions===
The following enterprises and institutions were directly under the PBC as of 2012:<ref>{{cite web | url=http://www.pbc.gov.cn/publish/english/1169/2009/20090615134637076715455/20090615134637076715455_.html | title=Enterprises and Institutions directly under the PBC | author=The People's Bank of China | access-date=May 29, 2012 | archive-date=March 26, 2012 | archive-url=https://web.archive.org/web/20120326072312/http://www.pbc.gov.cn/publish/english/1169/2009/20090615134637076715455/20090615134637076715455_.html | url-status=live }}</ref>

* China Anti-Money Laundering Monitoring and Analysis Center
* [[PBC School of Finance|PBC Graduate School]]
* China Financial Publishing House
* Financial News
* [[China National Clearing Center]]
* [[China Banknote Printing and Minting Corporation]]
* China Gold Coin Incorporation
* China Financial Computerization Corporation
* [[China Foreign Exchange Trade System]]

The PBC is active in promoting [[financial inclusion]] policy and a member of the Alliance for Financial Inclusion.<ref>{{cite web |url=http://www.afi-global.org/about-afi/members |title=AFI members |publisher=AFI Global |date=October 10, 2011 |access-date=2012-02-23 |url-status=dead |archive-url=https://web.archive.org/web/20120220141606/http://www.afi-global.org/about-afi/members |archive-date=February 20, 2012 |df=mdy-all }}</ref>

== See also ==
* [[Internationalization of the renminbi]]
* [[List of central banks]]
* [[History of banking in China]]
{{Portal bar|Banks|Money}}

== References ==
{{reflist}}

== External links ==
{{Commons category|People's Bank of China}}
* {{Official website}}

{{Clear}}
{{Central banks}}
{{State Council of the People's Republic of China}}
{{Banks of the People's Republic of China}}
{{Economy of China}}
{{China topics |state = autocollapse }}

{{Authority control}}

[[Category:People's Bank of China| ]]
[[Category:Central banks|China, People's Republic of]]
[[Category:Banks of China]]
[[Category:Monetary reform]]
[[Category:Banks established in 1948]]
[[Category:Chinese companies established in 1948]]
[[Category:1948 establishments in China]]
[[Category:Companies based in Beijing]]