Dec. 1, 1948 |
The PBOC is established by the newly formed
People's Republic of China through a consolidation of the
former Huabei Bank, the Beihai Bank and the Xibei Peasant
Bank. |
1966 to 1976 |
During the Cultural Revolution, the PBOC is stripped of
many of its functions. |
1977 |
The PBOC regains sole responsibility for issuing currency
and controlling money supply. With the December 1978 launch
of economic reforms, the banking system expands and several
large state-owned commercial banks are established under the
PBOC. |
September 1983 |
The State Council, China's ultimate decision-making body,
formally designates the PBOC as the nation's central bank.
Located in Beijing, the head office has 13 functional and
five supporting departments. |
March 1995 |
The PBOC's status as central bank is legally confirmed
by the "The Law of the People's Republic of China on
the People's Bank of China." |
1997-1998 |
The PBOC resists calls to devaluate the renminbi in the
wake of the Asian financial crisis. Oversight of insurance
and securities industries is split off from the PBOC to new
regulatory agencies. |
January 1999 |
The PBOC abolishes provincial and municipal branches and
creates nine regional banks each responsible for several provinces. |
December 2001 |
China becomes a member of the World Trade Organization
and agrees to allow foreign banks to conduct local-currency
business without restrictions by 2007. |
December 2002 |
Zhou Xiaochuan is appointed governor of the PBOC. An economist,
Zhou won praise for his tough leadership of China's Securities
Regulatory Commission from 2000 to 2002 and his calm handling
of foreign exchange policy during the 1997 Asian economic
crisis. |
April 2003 |
The China Banking Regulatory Commission is created to oversee reform and regulation of the banking sector, allowing the PBOC to focus on monetary policy. |
