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Socialist Central Banking and Monetary Policy in the PRC

In: Banking Reforms and Monetary Policy in the People’s Republic of China

Author

Listed:
  • Yong Guo

Abstract

The banking sector in the PRC had its beginnings in 1948 with the creation of the PBC, close to the end of the communist revolution. The bank was originally formed by merging three regional banks formerly controlled by the communists under the previous nationalist regime of Jiang Kai-shek: Northern Bank, North Ocean Bank and the Northwestern Agriculture Bank. In 1949 the Bank of China was formed as a spin-off from the People’s Bank of China monobank and made responsible for foreign investment, currency exchange and exchange rate policy. In 1952 the Bank of Communications was made responsible to the Ministry of Finance (MOF), and acted as the government’s treasury agency for allocating capital investments in the economy. In 1954 the bank was replaced by the newly created People’s Construction Bank of China (PCBC), which was in fact the cashier of the Capital Construction Finance Department of the Ministry of Finance in the State Council.

Suggested Citation

  • Yong Guo, 2002. "Socialist Central Banking and Monetary Policy in the PRC," Palgrave Macmillan Books, in: Banking Reforms and Monetary Policy in the People’s Republic of China, chapter 1, pages 8-15, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-1454-5_2
    DOI: 10.1057/9781403914545_2
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