People's Bank of China

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Group.png Peoples Bank of China  
(Central BankWebsiteRdf-entity.pngRdf-icon.png
TypeCentral Bank
China's central bank.

The People's Bank of China (PBC or PBOC) is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China. The People's Bank of China has more financial assets than any single public institution, and is second only to the Federal Reserve System of the United States in terms of overall central bank assets.[1][2]


All other banks within Mainland China such as the Bank of China were either organized as divisions of the PBC in the first 30 years of the banks reign. The PBC does not have central bank independence and is politically required to implement the policies of the Chinese Communist Party.[3]


With the exception of special allocations for rural development, the monolithic PBC dominated all business transactions and credit until 1978,[10] when, as part of the Chinese economic reforms, the State Council split off the commercial banking functions of the PB into four independent but state-owned banks, including the Industrial and Commercial Bank of China (ICBC), the Bank of China (BOC), the Agricultural Bank of China (ABC), and the China Construction Bank (CCB).[4]

Bank Run

Chinese people started a bank run in 2022 following the complex SDS effects of the COVID-19 pandemic, triggered by deposits that were frozen without warning in online accounts worth 40 billion yuan (or $6 billion) and affecting over 400,000 depositors. The scattered runs on small banks in central Chinese towns were a plan and reshuffle of the rural medium sized banks.[5]


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