View source for Company:People's Bank of China

{{Short description|Central bank of the People's Republic of China}}
{{Infobox central bank
| native_name = {{nobold|{{lang|zh-Hans|中国人民银行}}}}<br />{{small|''Zhōngguó Rénmín Yínháng''}}
| image = <br />[[File:People's Bank of China Headquarter, Beijing.jpg|275px]]<br />[[Place:Beijing|Beijing]] Headquarters of the People's Bank of China<br />
| headquarters = {{hlist|[[Place:Beijing|Beijing]]|[[Place:Shanghai|Shanghai]]}}
| logo =
| 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|df=y}}
| key_people = {{ubl|Pan Gongsheng, Governor and [[Organization:Chinese Communist Party Committee Secretary|CCP Committee Secretary]]}}
| bank_of = {{flag|People's Republic of China}}
| currency = [[Finance:Renminbi|Renminbi]] (RMB)
| currency_iso = CNY
| reserves = US$3.31 trillion {{small|(2022)}}<ref>{{Cite web |title=Total reserves (includes gold, current US$) - 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 = 7.6% {{small|(March 2023)}}<ref>{{Cite news |title=China releases US$72.6 billion of liquidity with cut to banks' reserve requirement ratio |last=Tang |first=Frank |work=South China Morning Post |date=17 March 2023 |access-date=20 June 2023 |url=https://www.scmp.com/economy/china-economy/article/3213918/china-releases-us726-billion-liquidity-cut-banks-reserve-requirement-ratio |archive-date=June 20, 2023 |archive-url=https://web.archive.org/web/20230620120501/https://www.scmp.com/economy/china-economy/article/3213918/china-releases-us726-billion-liquidity-cut-banks-reserve-requirement-ratio |url-status=live }}</ref>
| borrowing_rate = 3.5% {{small|(August 2023)}}
| interest_rate_target = 
| deposit_rate = 
| 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
}}

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> or informally '''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> {{zh|s=中国人民银行|p=}}) is the [[Finance:Central bank|central bank]] of the {{wipe|China}}, responsible for carrying out monetary policy and regulation of financial institutions in China,{{NoteTag|Excluding special administrative regions Hong Kong and Macau.}} as determined by the People's Bank Law and the Commercial Bank Law. It is the 25th-ranked cabinet-level executive department of the State Council.

The PBC was established in 1948 with the merger of the Huabei Bank, the Beihai Bank and Northwestern Farmers' Bank. After the proclamation of the PRC in 1949, it became the nation's central bank. In 1969, the PBC was demoted to a bureau of the Ministry of Finance, an arrangement that lasted until August 1979. The PBC was extensively reformed during the 1990s, when its provincial and local branches were abolished, instead opening nine regional branches. These reforms were reversed in 2023, when the regional branches were abolished and the provincial branches restored.

Though operating with some autonomy, the PBC lacks [[Finance:Central bank independence|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 deputy governors, and the [[Organization:Chinese Communist Party Committee Secretary|CCP Committee Secretary]]; both posts are currently held by Pan Gongsheng.

== History ==
The bank was established on December 1, 1948, based on the consolidation of the 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 [[Finance:Central bank|central bank]]ing and [[Finance:Commercial bank|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>{{Cite book |url=https://books.google.com/books?id=oDpWHVz2tO0C&pg=PA449 |title=James M. Zimmerman 2010. China Law Deskbook. p.449|isbn=9781616327897|last1=Zimmerman|first1=James M.|year=2005|publisher=American Bar Association }}</ref>

From 1952 to 1955 government shares were added to private banks to make state-private banks, until under the first 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 [[Biography:Vladimir Lenin|Vladimir Lenin]].{{citation needed|date=August 2023}} With aid from the [[Place:Soviet Union|Soviet Union]], the shares of private enterprises and with them industrial output followed a similar path, forming a Soviet-style [[Social:Planned economy|planned economy]].

During the Cultural Revolution, the PBC suspended its commercial banking service.<ref name=":32" />{{Rp|page=38}} In 1969, the State Council approved the consolidation of PBC's headquarters as a bureau within the Ministry of Finance.<ref name=":32" />{{Rp|page=38}} Local PBC branches were merged into local government finance departments.<ref name=":32" />{{Rp|page=38}} This effective demotion of the PBC lasted for a decade until August 1979, when the PBC was separated from the Ministry.<ref name=":32" />{{Rp|page=42}}

With the exception of special allocations for rural development, the monolithic PBC dominated all business transactions and credit until 1978,<ref>{{Cite book |last1=Chiu |first1=Becky |url=https://books.google.com/books?id=-GTCsC6AqVUC&pg=PA188 |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=188–189 |language=en |access-date=June 13, 2018 |archive-date=December 25, 2023 |archive-url=https://web.archive.org/web/20231225171504/https://books.google.com/books?id=-GTCsC6AqVUC&pg=PA188#v=onepage&q&f=false |url-status=live }}</ref> when, as part of the Chinese economic reforms, the State Council split off the commercial banking functions of the PBC into four independent but state-owned banks, including the Industrial and Commercial Bank of China (ICBC), the Bank of China (BOC), the Agricultural Bank of China (ABC), and the China Construction Bank (CCB).<ref>{{Cite book|url=https://books.google.com/books?id=oDpWHVz2tO0C&pg=PA450|title=James M. Zimmerman 2010. China Law Deskbook. p.450|isbn=9781616327897|last1=Zimmerman|first1=James M.|year=2005|publisher=American Bar Association|access-date=June 12, 2018|archive-date=December 25, 2023|archive-url=https://web.archive.org/web/20231225171553/https://books.google.com/books?id=oDpWHVz2tO0C&pg=PA450#v=onepage&q&f=false|url-status=live}}</ref> In September 1983, the State Council 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}}

Chen Yuan was instrumental in modernizing the bank in the early 1990s. 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 independence 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=203 |language=en |access-date=June 12, 2018 |archive-date=December 25, 2023 |archive-url=https://web.archive.org/web/20231225171546/https://books.google.com/books?id=-GTCsC6AqVUC&pg=PA203#v=onepage&q&f=false |url-status=live }}</ref>

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}}</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 |date=2023-03-12 |title=Xi Jinping Brings China's Reform Era to an End |language=en-US |work={{wipe|The Wall Street Journal}} |url=https://www.wsj.com/articles/xi-jinping-brings-chinas-reform-era-to-an-end-610b9186 |access-date=2023-09-03 |issn=0099-9660 |archive-date=August 29, 2023 |archive-url=https://web.archive.org/web/20230829101600/https://www.wsj.com/articles/xi-jinping-brings-chinas-reform-era-to-an-end-610b9186 |url-status=live }}</ref>

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}}

In 2006, the PBC established the Credit Reference Centre to provide financial credit reporting.<ref name=":44" />{{Rp|page=47}}

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 [[Finance:Renminbi|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}}

The PBC underwent through another major restructuring in 2023, with the abolishment of the regional arms and reopening of the previous provincial and local branches.<ref name=":3" /> Additionally, its 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={{wipe|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 18 August 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 Administration of Financial Regulation (NAFR).<ref name=":4" /> Around 1,600 county-level branches of the PBC are planned to be absorbed to the NAFR; the PBC had 1,761 such branches at the end of 2021.<ref name=":6">{{Cite news |last=Cheng |first=Leng |last2=Sun |first2=Yu |date=25 December 2023 |title=China sidelines its once venerated central bank |work=[[Social:Financial Times|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>

== Management ==

The PBC is a cabinet-level executive department of the State Council.<ref name=":1" /> 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 the State Council, who is then approved by the National People's Congress or its Standing Committee and appointed by the 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: Wang Huaqing, Fan Yifei, Guo Qingping, Zhang Xiaohui, and Yang Ziqiang.<ref>[http://www.pbc.gov.cn/publish/english/953/index.html "Management Team"] {{Webarchive|url=https://web.archive.org/web/20130801194510/http://www.pbc.gov.cn/publish/english/953/index.html |date=August 1, 2013 }}, ''Pbc.gov.cn'', November 23, 2015. Retrieved 2015-11-23.</ref> Former top-level managers include: Hu Xiaolian, Liu Shiyu, Li Dongrong and Jin Qi.

While operating with some degree of autonomy, the PBC does not have [[Finance:Central bank independence|central bank independence]] and is politically required to implement the policies of the Chinese Communist Party (CCP).<ref name=":2">{{Cite news |last=Wei |first=Lingling |date=2021-12-08 |title=Beijing Reins In China's Central Bank |language=en-US |work={{wipe|The Wall Street Journal}} |url=https://www.wsj.com/articles/beijing-reins-in-chinas-central-bank-11638981078 |url-access=subscription |access-date=2023-08-31 |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. |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520190830/https://www.wsj.com/articles/beijing-reins-in-chinas-central-bank-11638981078 |url-status=live }}</ref> It operates under the direction of the CCP's Central Financial Commission.<ref name=":6" /> The [[Organization: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=[[Social:Financial Times|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>

== Structure ==
[[File:中央银行天津分行大楼.jpg|thumb|People's Bank of China Tianjin branch, formerly the Central Bank Tientsin Branch building until 1949, now a protected heritage site]]

The PBC has branches in each 31 provincial-level administrative divisions in China, branches in five cities (Shenzhen, Dalian, Ningbo, Qingdao, and Xiamen), and 317 branches in 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).

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>

=== Departments ===
The PBC consists 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>

*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 China's forex reserves This is not on the PBC organization page -->

The following enterprises and institutions are directly under the PBC:<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 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
*[[Organization:China Foreign Exchange Trade System|China Foreign Exchange Trade System]]

=== Microfinance ===
*[[Finance:Rural credit cooperative|Rural credit cooperative]]s

=== Financial inclusion ===
The PBC is active in promoting [[Finance:Financial inclusion|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>

== Interest rates ==
Previously, interest rates set by the bank were always divisible by nine, instead of by 25 as in the rest of the world.<ref>{{cite news | url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aryAqtnIpaus | work=Bloomberg | title=Calendar, Abacus Help Determine Size of Chinese Rate Increases | date=May 18, 2007 | access-date=March 10, 2017 | archive-date=July 8, 2007 | archive-url=https://web.archive.org/web/20070708004220/https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aryAqtnIpaus | url-status=live }}</ref><ref>{{cite web|url=http://www.info.gov.hk/hkma/eng/viewpt/20060629e.htm|title=Viewpoint: The "divisible by nine" rule|website=Info.gov.hk|access-date=December 4, 2017|archive-date=November 12, 2007|archive-url=https://web.archive.org/web/20071112201844/http://www.info.gov.hk/hkma/eng/viewpt/20060629e.htm|url-status=live}}</ref>
However, since the central bank began to increase rates by 0.25 percentage points on October 19, 2010, this is no longer the case.

PBC latest interest rate changes:<ref name=":0">[http://www.global-rates.com/interest-rates/central-banks/central-bank-china/pbc-interest-rate.aspx "PBC base interest rate – Chinese central bank's interest rate"] {{Webarchive|url=https://web.archive.org/web/20200521042651/https://www.global-rates.com/interest-rates/central-banks/central-bank-china/pbc-interest-rate.aspx |date=May 21, 2020 }}, ''Global-rates.com''. Retrieved 2018-05-19.</ref>
{| class="wikitable" id='constituents'
|-
! Change date !! Interest rate
|-
|Aug 21, 2023<ref>{{Cite news |date=2023-08-21 |title=China cuts key interest rate as recovery falters |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-66567085 |access-date=2023-08-21 |archive-date=August 21, 2023 |archive-url=https://web.archive.org/web/20230821171031/https://www.bbc.com/news/business-66567085 |url-status=live }}</ref>
|3.450%
|-
|June 20, 2023<ref>{{cite news |title=China cuts lending benchmarks to revive slowing demand |url=https://www.reuters.com/world/china/china-cuts-lending-benchmarks-first-time-10-months-support-economy-2023-06-20/ |work={{wipe|Reuters}} |access-date=20 June 2023 |language=en |date=20 June 2023 |archive-date=October 25, 2023 |archive-url=https://web.archive.org/web/20231025095249/https://www.reuters.com/world/china/china-cuts-lending-benchmarks-first-time-10-months-support-economy-2023-06-20/ |url-status=live }}</ref>
|3.550%
|-
|August 20, 2022
|3.650%
|-
|January 20, 2022
|3.700%
|-
|December 20, 2021
|3.800%
|-
|April 20, 2020
|3.850%
|-
|February 20, 2020
|4.050%
|-
|November 20, 2019
|4.150%
|-
|September 20, 2019
|4.200%
|-
|August 20, 2019
|4.250%
|-
|October 23, 2015
|4.350%
|-
|August 25, 2015
|4.600%
|-
| June 27, 2015 || 4.850% 
|-
| May 10, 2015 || 5.100% 
|-
| February 28, 2015 || 5.350% 
|-
| November 21, 2014 || 5.600% 
|-
| July 6, 2012 || 6.000% 
|-
| June 8, 2012 || 6.310%
|-
| July 7, 2011 || 6.560%
|-
| April 6, 2011 || 6.310%
|-
| February 9, 2011 || 6.060%
|-
|  December 26, 2010 || 5.810%
|}

== Reserve requirement ratio ==
[[File:China RRR for large banks.webp|thumb|305px|China's Reserve Requirement Ratio for large banks]]
PBC latest [[Finance:Reserve requirement|reserve requirement ratio]] (RRR) changes:
{| class="wikitable" id='constituents'
|-
! Change date !! Reserve requirement ratio !! Extra cash for financial system
|-
| December 2008  || 21.0% ||
|-
| December 2011  || 20.5% || 350 billion yuan ($55 billion)<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2011-11-30/china-cuts-reserve-requirement-for-banks-as-europe-crisis-threatens-growth|title=China's Reserve-Ratio Cut May Signal Economic Slowdown Deepening|date=November 30, 2011|access-date=December 4, 2017|website=Bloomberg.com|archive-date=November 7, 2017|archive-url=https://web.archive.org/web/20171107022128/https://www.bloomberg.com/news/articles/2011-11-30/china-cuts-reserve-requirement-for-banks-as-europe-crisis-threatens-growth|url-status=live}}</ref>
|-
| May 2012 || 20.0% || 400 billion yuan ($63.4 billion)<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2012-05-12/china-cuts-banks-reserve-requirements-to-sustain-growth-1-|title=China Lowers Banks' Reserve Requirements to Support Growth|date=May 12, 2012|access-date=December 4, 2017|website=Bloomberg.com|archive-date=November 16, 2017|archive-url=https://web.archive.org/web/20171116071135/https://www.bloomberg.com/news/articles/2012-05-12/china-cuts-banks-reserve-requirements-to-sustain-growth-1-|url-status=live}}</ref>
|-
| February 2015 || 19.5% || 600 billion yuan ($96 billion)<ref>{{cite web|url=https://www.wsj.com/articles/china-cuts-reserve-requirement-ratio-1423047341|title=China Cuts Reserve Requirement Ratio|first=Lingling|last=Wei|date=February 5, 2015|access-date=December 4, 2017|website=Wsj.com|archive-date=November 7, 2017|archive-url=https://web.archive.org/web/20171107021443/https://www.wsj.com/articles/china-cuts-reserve-requirement-ratio-1423047341|url-status=live}}</ref>
|-
| April 2015 || 18.5% || 1.5 trillion yuan ($240 billion)<ref>{{cite web|url=https://blogs.wsj.com/chinarealtime/2015/04/20/economists-react-chinas-aggressive-cut-in-banks-reserve-requirement-ratio/|title=Economists React: China's Aggressive Cut in Banks' Reserve Requirement Ratio|date=April 20, 2015|website=Blogs.wsj.com|access-date=December 4, 2017|archive-date=November 7, 2017|archive-url=https://web.archive.org/web/20171107025251/https://blogs.wsj.com/chinarealtime/2015/04/20/economists-react-chinas-aggressive-cut-in-banks-reserve-requirement-ratio/|url-status=live}}</ref>
|-
|August 2015
|18.0%
|650 billion yuan ($101 billion)
|-
|March 2023
|7.6%
|
|}

==Foreign-exchange reserves==
Foreign-exchange reserves from 2004:<ref>{{cite web|url=https://www.bloomberg.com/quote/CNGFOREX:IND|title=China Monthly Foreign Exchange Reserves Analysis – CNGFOREX|website=Bloomberg.com|access-date=December 4, 2017|archive-date=April 15, 2017|archive-url=https://web.archive.org/web/20170415012526/https://www.bloomberg.com/quote/CNGFOREX:IND|url-status=live}}</ref><ref>{{cite web |url=http://www.chinability.com/Reserves.htm |title=China's foreign exchange reserves |access-date=2015-08-12 |url-status=dead |archive-url=https://web.archive.org/web/20150812090957/http://chinability.com/Reserves.htm |archive-date=August 12, 2015 |df=mdy-all }}</ref>
{| class="wikitable" id="constituents"
|-
! Year & month !! Foreign-exchange reserves (US$ billion)
|-
|2004-01||415.7
|-
|2004-02||426.6
|-
|2004-03||439.8
|-
|2004-04||449
|-
|2004-05||458.6
|-
|2004-06||470.6
|-
|2004-07||483
|-
|2004-08||496.2
|-
|2004-09||514.5
|-
|2004-10||542.4
|-
|2004-11||573.9
|-
|2004-12||609.9
|-
|2005-01||623.6
|-
|2005-02||642.6
|-
|2005-03||659.1
|-
|2005-04||670.8
|-
|2005-05||691
|-
|2005-06||711
|-
|2005-09||769
|-
|2005-12||818.9
|-
|2006-01||845.2
|-
|2006-02||853.7
|-
|2006-03||875.1
|-
|2006-04||895
|-
|2006-05||925
|-
|2006-06||941.1
|-
|2006-07||954.6
|-
|2006-08||972
|-
|2006-09||987.9
|-
|2006-10||1009.6
|-
|2006-11||1038.8
|-
|2006-12||1066.3
|-
|2007-01||1104.7
|-
|2007-02||1157.4
|-
|2007-03||1202
|-
|2007-04||1246.6
|-
|2007-05||1292.7
|-
|2007-06||1332.6
|-
|2007-07||1385.2
|-
|2007-08||1408.6
|-
|2007-09||1433.6
|-
|2007-10||1454.9
|-
|2007-11||1497
|-
|2007-12||1528.2
|-
|2008-01||1589.8
|-
|2008-02||1647.1
|-
|2008-03||1682.2
|-
|2008-04||1756.7
|-
|2008-05||1797
|-
|2008-06||1808.8
|-
|2008-07||1845.2
|-
|2008-08||1884.2
|-
|2008-09||1905.6
|-
|2008-10||1879.7
|-
|2008-11||1884.7
|-
|2008-12||1946
|-
|2009-01||1913.5
|-
|2009-02||1912.1
|-
|2009-03||1952.7
|-
|2009-04||2008.9
|-
|2009-05||2089.5
|-
|2009-06||2131.6
|-
|2009-07||2174.6
|-
|2009-08||2210.8
|-
|2009-09||2272.6
|-
|2009-10||2328.3
|-
|2009-11||2388.8
|-
|2009-12||2399.2
|-
|2010-01||2415.2
|-
|2010-02||2424.6
|-
|2010-03||2447.1
|-
|2010-04||2490.5
|-
|2010-05||2439.5
|-
|2010-06||2454.3
|-
|2010-07||2538.9
|-
|2010-08||2547.8
|-
|2010-09||2648.3
|-
|2010-10||2760.9
|-
|2010-11||2767.8
|-
|2010-12||2847.3
|-
|2011-01||2931.7
|-
|2011-02||2991.4
|-
|2011-03||3044.7
|-
|2011-06||3197.5
|-
|2011-07||3245.3
|-
|2011-08||3262.5
|-
|2011-09||3201.7
|-
|2011-10||3273.8
|-
|2011-11||3220.9
|-
|2011-12||3181.1
|-
|2012-01||3253.6
|-
|2012-02||3309.7
|-
|2012-03||3305
|-
|2012-04||3298.9
|-
|2012-05||3206.1
|-
|2012-06||3240
|-
|2012-07||3240
|-
|2012-08||3272.9
|-
|2012-09||3285.1
|-
|2012-10||3287.4
|-
|2012-11||3297.7
|-
|2012-12||3311.6
|-
|2013-01||3410
|-
|2013-02||3395.4
|-
|2013-03||3442.6
|-
|2013-04||3534.5
|-
|2013-05||3514.8
|-
|2013-06||3496.7
|-
|2013-07||3547.8
|-
|2013-08||3553
|-
|2013-09||3662.7
|-
|2013-10||3736.6
|-
|2013-11||3789.5
|-
|2013-12||3821.3
|-
|2014-01||3866.6
|-
|2014-02||3913.7
|-
|2014-03||3948.1
|-
|2014-04||3978.8
|-
|2014-05||3983.9
|-
|2014-06||3993.2
|-
|2014-07||3966.3
|-
|2014-08||3968.8
|-
|2014-09||3887.7
|-
|2014-10||3852.9
|-
|2014-11||3847.4
|-
|2014-12||3843
|-
|2015-01||3813.41
|-
|2015-02||3801.5
|-
|2015-03||3730.04
|-
|2015-04||3748.14
|-
|2015-05||3711.14
|-
|2015-06||3693.84
|-
|2015-07||3651.31
|-
|...||...
|-
|2017-05||3053.57
|-
|2017-06||3056.79
|-
|2017-07||3080.72
|-
|2017-08||3091.53
|-
|2017-09||3108.51
|-
|2017-10||3109.21
|-
|2017-11||3119.28
|-
|2017-12||3139.95
|-
|2018-01||3161.46
|-
|2018-02||3134.48
|-
|2018-03||3142.82
|-
|...
|...
|-
|2023-01
|3184.46
|-
|2023-02
|3133.15
|-
|2023-03
|3183.87
|-
|2023-04
|3204.77
|-
|2023-05
|3176.51
|-
|2023-06
|3193.00
|-
|2023-07
|3204.27
|}

== See also ==
* China Banknote Printing and Minting Corporation
* [[Organization:China Foreign Exchange Trade System|China Foreign Exchange Trade System]]
* [[Finance:Internationalization of the renminbi|Internationalization of the renminbi]]
* Hong Kong Monetary Authority
* Monetary Authority of Macao
* Central Bank of the Republic of China (Taiwan)
* Bank of China
* List of central banks

== Notes ==
<references group="note" responsive="1"></references>

== References ==
{{reflist}}

== Further reading ==
* Stephen Bell and Hui Feng. ''The Rise of the People's Bank of China: The Politics of Institutional Change'' (Harvard University Press; 2013) 384 pages;  Recent history; uses interviews with key figures

== External links ==

{{Clear}}
{{Central banks}}


[[Category:Monetary reform]]

{{Sourceattribution|People's Bank of China}}