People's Bank of China

People's Bank of China
中国人民银行

Beijing Headquarters of the Bank
Headquarters	Beijing Shanghai
Coordinates	Beijing 39°54′24″N 116°21′14″E / 39.90667°N 116.35389°E / 39.90667; 116.35389
Established	1 December 1948; 75 years ago (1948-12-01)
Key people	Pan Gongsheng, Governor and CCP Committee Secretary
Central bank of	People's Republic of China
Currency	Renminbi (RMB) CNY (ISO 4217)
Reserves	US$3.31 trillion (2022)[1]
Reserve requirements	7.6% (March 2023)[2]
Bank rate	3.5% (August 2023)
Website	www.pbc.gov.cn

Politics of China
Leadership Leadership generations Succession of power Hu–Wen Administration (2002–2012) Xi–Li Administration (2012–2017) Xi Administration (since 2017) 4th Leadership Core: Xi Jinping 20th Party Politburo: Xi Jinping 14th State Council: Li Qiang Current state leaders Current provincial leaders National leaders Orders of precedence Paramount leader: Xi Jinping First lady: Peng Liyuan Communist Party leader: Xi Jinping State representative: Xi Jinping Head of government: Li Qiang Congress Chairman: Zhao Leji Conference Chairman: Wang Huning Commander-in-chief: Xi Jinping Politburo Standing Committee longest-serving members Related systems Unified power Democratic centralism Collective leadership Organization Department Elections Civil service
Constitution Law Constitution Previous constitutions 1954 1975 1978 "People's democratic dictatorship" (Article 1) Democratic centralism (Article 3) Constitutional oath of office (Article 27) Protection of human rights (Article 33) Freedom of religion (Article 36) Highest state organ of power (Article 57) Chinese legal system Civil law tradition Socialist law tradition Laws Legislation Law List of statutes General Principles of the Civil Law (to 2020) Civil Code (From 2021) Marriage Law Labour law Labour Law Labour Contract Law Property law Property Law Intellectual property law Patent law Administrative law Administrative Procedure Law Criminal law Capital punishment Capital offences Death sentence with reprieve
Communist Party History Principal leaders Constitution & ideology Admission Oath (Article 6) Socialism with Chinese characteristics Communism Marxism–Leninism Mao Zedong Thought Deng Xiaoping Theory Primary stage of socialism Four Cardinal Principles Three Represents Scientific Outlook on Development Harmonious Socialist Society Xi Jinping Thought Chinese Dream Four Comprehensives Two Establishes and Two Safeguards Democracy Organization National Party Congress (20th) Central Committee (20th) General Secretary (list) Xi Jinping Central Politburo (20th) Standing Committee (20th) Central Secretariat (20th) Central Military Commission Chairman: Xi Jinping Vice Chairmen: Zhang Youxia, He Weidong National Security Commission Chairman: Xi Jinping Vice-Chairman: Li Qiang, Zhao Leji, Cai Qi Office Chief: Cai Qi Comprehensively Deepening Reforms Commission Director: Xi Jinping Deputy Directors: Li Qiang, Wang Huning, Cai Qi Secretary-General: Wang Huning Financial & Economic Affairs Commission Director: Xi Jinping Deputy Director: Li Qiang Office Chief: He Lifeng General Office Director: Cai Qi Office of the General Secretary Chief: Cai Qi Central Guard Bureau Central Guard Unit Office of the Central Secrecy Commission Organization Department Head: Li Ganjie Central Commission for Discipline Inspection (20th) Standing Committee (20th) Secretary: Li Xi Commission for Discipline Inspection of the Central Military Commission Secretary: Zhang Shengmin Central Leading Group for Inspection Work Leader: Li Xi Provincial committee Standing committee Secretary Deputy secretaries Party group
National People's Congress (14th) Elections Standing Committee (14th) Council of Chairpersons Chairman: Zhao Leji Vice-Chairpersons Top-ranked: Li Hongzhong Secretary-General: Liu Qi Special Committees Ethnic Affairs Constitution and Law Supervisory and Judicial Affairs Financial and Economic Affairs Education, Science, Culture and Public Health Foreign Affairs Overseas Chinese Affairs Environment Protection and Resources Conservation Agriculture and Rural Affairs Social Development Affairs Presidium State representative President (list): Xi Jinping Presidential Office Chief: Cai Qi Vice President: Han Zheng Executive organ State Council (Central People's Government) Li Qiang Cabinet Premier (list): Li Qiang Vice-Premiers (list) Ding Xuexiang He Lifeng Zhang Guoqing Liu Guozhong State Councilors Wang Xiaohong Wu Zhenglong Shen Yiqin Secretary-General: Wu Zhenglong Cabinet-level departments National Development & Reform Commission Central bank National Audit Office General Office Secretary-General Deputy Secretaries-General State-owned Assets Supervision & Administration Commission most Central Enterprises Military organ Central Military Commission (CMC) Chairman (supreme commander): Xi Jinping Vice Chairmen: Zhang Youxia He Weidong Members: Liu Zhenli Miao Hua Zhang Shengmin Departments: General Office Director: Zhong Shaojun Joint Staff Dept. Chief: Liu Zhenli Political Work Dept. Director: Miao Hua Logistic Support Dept. Director: Zhang Lin Equipment Development Dept. Director: Xu Xueqiang Training and Administration Dept. Director: Wang Peng National Defense Mobilization Dept. Director: Liu Faqing Discipline Inspection Commission Secretary: Zhang Shengmin Politics and Legal Affairs Commission Science and Technology Commission Strategic Planning Office Reform & Organizational Structure Office Int'l Military Cooperation Office Audit Office Offices Administration Agency National armed forces: People's Liberation Army Theater commands People's Armed Police China Coast Guard Militia State Council National Defense Mobilization Commission Chairman: Li Qiang Ministry of National Defense Minister: Dong Jun Ministry of Veterans Affairs State Administration for Sci., Tech. & Industry for National Defense Military history Armed conflicts Military modernization Military reform since 2015 CMC Leading Group for Military Reform Leader: Xi Jinping Supervisory organ National Supervisory Commission Director: Liu Jinguo Corruption in China Anti-corruption campaign since 2012 Independent Commission Against Corruption (Hong Kong) Commission Against Corruption (Macau) Judicial organs Supreme People's Court President: Zhang Jun People's Courts Judicial Police Supreme People's Procuratorate Prosecutor General: Ying Yong People's Procuratorates Judicial Police Judiciary of Hong Kong Court of Final Appeal Department of Justice Prosecutions Division Law enforcement in Hong Kong Security Bureau Regular Disciplined Services Hong Kong Police Force Judiciary of Macau Court of Final Appeal Public Prosecutions Office Secretariat for Security Macau Security Force Unitary Police Services [zh] Public Security Police Judiciary Police [zh]
United front Political Consultative Conference National Committee Chairman: Wang Huning Vice-Chairpersons Top-ranked: Shi Taifeng Secretary-General: Wang Dongfeng Political parties: CCP (ruling) United Front Work Department Head: Shi Taifeng RCCK CDL CNDCA CAPD CPWDP CZGP JS TDSL Historical parties: KMT CDSP YCP Federation of Industry and Commerce People's organizations
Law enforcement CCP Central Politics and Law Commission Secretary: Chen Wenqing Ministry of Public Security Minister: Wang Xiaohong Public Security Organs People's Police State Immigration Administration Local public security bureaus Ministry of State Security Minister: Chen Yixin State Security Organs People's Police Ministry of Justice Minister: He Rong Judicial Administrative Organs People's Police Bureau of Prison Administration [zh] Office for Safeguarding National Security Urban Management (chengguan)
Propaganda Central Leading Group for Propaganda, Ideology and Culture Leader: Cai Qi Deputy Leaders: Li Shulei, Shen Yiqin Central Guidance Commission on Building Spiritual Civilization Director: Cai Qi Deputy Director: Li Shulei Central Propaganda Department Head: Li Shulei National Press and Publication Administration China Film Administration State Council Information Office China Daily Ministry of Culture and Tourism National Radio and Television Administration China Media Group China Central Television China Global Television Network China National Radio China Radio International Xinhua News Agency Reference News China News Service People's Daily Global Times China Today Censorship in China Radio jamming Overseas censorship of Chinese issues Media of China Internal media Publishing industry in China Internet in China Internet censorship Great Firewall Great Cannon Central Cyberspace Affairs Commission Director: Cai Qi Cyberspace Administration of China Director: Zhuang Rongwen
Hong Kong Macau Central Leading Group on Hong Kong and Macau Affairs Leader: Ding Xuexiang HK & Macau Affairs Office Director: Xia Baolong Hong Kong Liaison Office Macau Liaison Office One country, two systems Special administrative regions Hong Kong Basic Law Chief Executive: John Lee Ka-chiu Hong Kong SAR Government Politics of Hong Kong Pro-Beijing camp Pro-democracy camp Independence movement Mainland & HK CEPA Macao Basic Law Chief Executive: Ho Iat-seng Macau SAR Government Politics of Macau Mainland & Macau CEPA
Cross-Strait relations Cross-Strait relations Chinese Civil War One China Political status of Taiwan Republic of China on Taiwan Taiwan Area "Taiwan Province", PRC Taiwan independence movement Anti-Secession Law Economic Cooperation Framework Agreement Cross-Strait Service Trade Agreement Chinese unification Central Leading Group for Taiwan Affairs Leader: Xi Jinping Deputy Leader: Wang Huning Taiwan Affairs Office Director: Song Tao Association for Relations Across the Taiwan Straits
Foreign relations Central Foreign Affairs Commission Director: Xi Jinping Deputy Director: Li Qiang Secretary-General: Wang Yi Ministry of Foreign Affairs Minister: Wang Yi Spokespersons Diplomatic missions Diplomatic missions of China / in China Foreign aid from China / to China International Development Cooperation Agency Ministry of Commerce Exim Bank of China China Development Bank Belt and Road Initiative Silk Road Fund Asian Infrastructure Investment Bank BRICS New Development Bank Ministry of National Defense International Military Cooperation Office NPC Foreign Affairs Committee CCP International Department State Administration of Foreign Experts Affairs Overseas Chinese Affairs Office Chinese nationality law Chinese passports (Hong Kong; Macau) Visa requirements for Chinese citizens (Hong Kong, Macau) Visa policy of China (Hong Kong; Macau) National Immigration Administration Five Principles of Peaceful Coexistence Panda diplomacy Beijing Consensus Community of Common Destiny China and the United Nations China and the World Trade Organization Shanghai Cooperation Organisation China–Africa relations China–Arab relations China–Caribbean relations China–European Union relations China–Latin America relations China–Pacific relations China–Russia relations China–United States relations
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The People's Bank of China (officially PBC^[3] and unofficially PBOC^[4]) is the central bank of the People's Republic of China.^[5] It is responsible for carrying out monetary policy as determined by the People's Bank Law and the Commercial Bank Law.

The PBC was established in 1948 and became China's sole central bank after the 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. 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 ministerial-level departments of the State Council, right ahead of the National Audit Office. 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 CCP Committee Secretary. Since 2023, the roles of Governor and CCP Committee Secretary have been held jointly by Pan Gongsheng.