REGION C – ASIA

THE SINKING OF THE TITANIC

(April 14-15, 1912 – North Atlantic Ocean)

The People’s Bank
of China

(Beijing, China)

ROTHSCHILD OWNED & CONTROLLED CENTRAL BANK

The Official Story

THE PEOPLE’S BANK OF CHINA
(Beijing, China)

The People’s Bank of China (officially PBC or informally PBOC) is the central bank of the People’s Republic of China responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by the People’s Bank Law and the Commercial Bank Law. It is a cabinet-level executive department of the State Council.

While operating with some degree of autonomy, the PBC lacks central bank independence and is politically required to implement the policies of the Chinese Communist Party.

History

The bank was established on December 1, 1948, based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. The headquarters was first located in Shijiazhuang, Hebei, and then moved to Beijing in 1949. 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. All other banks within Mainland China such as the Bank of China were either organized as divisions of the PBC or were non-deposit taking agencies.

From 1952 to 1955 government shares were added to private banks to make state-private banks, until under the first Five Year plan from 1955 to 1959 the PBC had complete control of the private banks, making them branches of the PBC, closely resembling the vision of Vladimir Lenin. With aid from the Soviet Union, the shares of private enterprises and with them industrial output followed a similar path, forming a Soviet-style planned economy.

With the exception of special allocations for rural development, the monolithic PBC dominated all business transactions and credit until 1978, 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). In 1983, the State Council promulgated that the PBC would function as the central bank of China.

Chen Yuan was instrumental in modernizing the bank in the early 1990s. Its central bank status was legally confirmed on March 18, 1995 by the 3rd Plenum of the 8th National People’s Congress, and was granted a higher degree of independence than other State Council ministries by an act that year. In 1998, the PBC underwent a major restructuring. All provincial and local branches were abolished, and the PBC opened nine regional branches, whose boundaries did not correspond to local administrative boundaries. In 2003, the Standing Committee of the Tenth National People’s Congress approved an amendment law for strengthening the role of PBC in the making and implementation of monetary policy for safeguarding the overall financial stability and provision of financial services.

While operating with some degree of autonomy, the PBC does not have central bank independence and is politically required to implement the policies of the Chinese Communist Party.

Source: Wikipedia