People’s Bank of China

…and financial control are the People’s Bank of China and the Ministry of Finance, both subject to the authority of the State Council. The People’s Bank, which replaced the Central Bank of China in 1950 and gradually took over private banks, fulfills many of the functions of Western central and…

…banking, in which the state-owned People’s Bank of China plays a key role. This institution, with its head office in the inner city, functions as the agent of the national treasury. All funds of state-owned industrial enterprises, as well as of national, provincial, and local governments, the People’s Liberation Army,…

The People’s Bank of China has exclusive authority to issue currency. Banknotes are issued in denominations from 1 fen to 100 renminbi. The obverse of some banknotes contains images of communist leaders, such as Mao Zedong, leader of China’s communist revolution, whose likeness is pictured on…

…was appointed governor of the PBC in December 2002, and the following year he presided over the enactment of reform legislation that transferred the bank’s regulatory functions to a newly formed government agency. Zhou also had been appointed chairman of the Monetary Policy Committee at PBC in January 2003, and…

…himself in charge of the People’s Bank of China and creating a program that reduced the country’s inflation. Noted for his pragmatism and no-nonsense approach, Zhu was named premier on March 17, 1998.