An Introduction to PBC.pptVIP

An Introduction to PBC About PBC History Major Responsibilities Institutional Arrangement Management and Organizational Structure History History History History Major Responsibilities Major Responsibilities Institutional Arrangement Institutional Arrangement Management and Organizational Structure Management and Organizational Structure * * The PBC was established on December 1, 1948 based on the consolidation of the former Huabei Bank, Beihai Bank and Xibei Farmer Bank. In September 1983, the State Council decided to have the PBC function as a central bank. The Law of the Peoples Republic of China on the Peoples Bank of China passed by the Third Plenum of the Eighth National Peoples Congress on March 18, 1995 legally confirmed the PBCs central bank status. In March 2003, the First Plenum of the Tenth National Peoples Congress approved the Decision on Reform of the Organizational Structure of the State Council, separating the supervisory responsibilities of the PBC for the banking institutions, asset management companies, trust and investment companies and other depository financial institutions. Instead, the China Banking Regulatory Commission was established to supervise the financial industry. On December 27, 2003, the Standing Committee of the Tenth National Peoples Congress approved at its Sixth Meeting the amendment to the Law of the Peoples Republic of China on the Peoples Bank of China, which has strengthened the role of the PBC in the making and implementation of monetary policy, in safeguarding the overall financial stability and in the provision of financial services. Under the guidance of the State Council, the PBC formulates and implements monetary policy, prevents and resolves financial risks, and safeguards financial stability. The Law of the Peoples Republic of China on the Peoples Bank of China provides that the PBC performs the following major functions: issuing and enforcing relevant orders and regulations; formulating and implement