The central bank of our country is the People Bank of China.
The People’s Bank of China is referred to as Departments of The State Council.
Under the leadership of The State Council, it shall formulate and implement measures to prevent and defuse financial risks and maintain financial stability.
Secondly, in accordance with the provisions of the Law of the People’s Republic of China on the People’s Bank of China, the People’s Bank of China, under the leadership of The State Council, independently implements its policies, performs its duties and carries out its business without interference from local governments, social organizations and individuals.
Bank of the Ministry of Housing.
The Bank of the Ministry of Housing was established in Beijing in August 1905. It was the earliest central bank in China, which was modeled after the central banks of western countries.
Daqing Bank.
In 1908, the Bank of the Ministry of Housing was changed into the Bank of the Qing Dynasty.
The central bank of China during the Revolution of 1911 and the Northern government.
The 1911 revolution led to the collapse of the Qing Dynasty, and the Bank of Qing was reorganized as the Bank of China.
Bank of Communications.
When BOcom was founded in 1908, it billed itself as a “purely commercial bank”.
But in fact, it became the central bank of the Beiyang government.
In 1913, the Bank of Communications acquired the same issuing rights as the Bank of China.
In 1914, the Bank of Communications changed its constitution and had the function of a central bank.
The above two banks jointly serve as the central bank of the Northern government.
After the First World War, governments of various countries borrowed a lot from the central bank in order to meet their wartime financial needs, and forced the central bank to stop or limit the exchange of bank notes one after another, which caused the post-war economic chaos and very serious inflation.
At the same time, since the establishment and development of central banks of various countries in the previous period summed up the specific experience, at this time, the establishment of central banks also had a good foundation.
Therefore, in general, this period is the fastest development stage in the history of central banks, and the functions of central banks have been further expanded.
The functions of central banks are mainly to formulate and implement monetary policies, and to lead, manage and supervise the activities of financial institutions.
It is a “bank to manage financial activities”, and also has the following functions: A central bank is an issuing bank, which means that the central bank monopolizes the power to issue money and is the only authorized issuing institution of money in a country or a monetary union.
