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In response to their swelling debt loads, undercapitalization and non-transparent business practices, the government of China recapitalized the banks and set up the CBRC as the country's independent banking regulator in 2003. Liu Mingkang was appointed its first chairman and served until 2011, when he was replaced by Shang Fulin. In 2017, Shang ...
The State Administration of Foreign Exchange (SAFE) of the People's Republic of China is an administrative agency under the State Council tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign-exchange reserves, which at the end of December 2016 stood at $3.01 trillion for the People's Bank of China.
Deposit insurance and resolution authority are also parts of the banking regulatory and supervisory framework. Bank (prudential) supervision is a form of "microprudential" policy to the extent it applies to individual credit institutions, as opposed to macroprudential regulation whose intent is to consider the financial system as a whole.
China's Reserve Requirement Ratio for large banks. China's banking sector had CN¥417 trillion (US$58.54 trillion) in assets at the end of 2023. [1]The "Big Four" state-owned commercial banks are the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China, all of which are among the largest banks in the world as of 2018.
The central bank of the People's Republic of China is the People's Bank of China, a component of the State Council, the Central Government of China. The People's Bank of China is mainly responsible for issuing the Renminbi and administering its circulation, in addition to formulating and implementing monetary policy in accordance with Chinese ...
Between 1950 and 1978 the PBC was the only bank in the People's Republic of China and was responsible for both central banking and commercial banking operations. [7]: 225 All other banks within mainland China such as the Bank of China were either organized as divisions of the PBC [8] or were non-deposit taking agencies. [9] [10]: 449
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In 1905, the Qing government established the Da-Qing Bank in Beijing.When the Republic of China was established in 1912, Chen Jintao was named head of financial reform in President Sun Yat-sen's government and reorganized the Da-Qing Bank into the Bank of China, of which he has subsequently been viewed as the founder.