People's Bank of China

The People's Bank of China (PBC) was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. In September 1983, the State Council decided to have the PBC function as a central bank. The Law of the People's Republic of China on the People's Bank of China adopted on March 18, 1995 by the 3rd Plenum of the 8th National People's Congress has since legally confirmed the PBC's central bank status.

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    • Open Market Operations of The People' Bank of China
      August 2023
      Source: People's Bank of China
      Uploaded by: Knoema
      Accessed On: 14 August, 2023
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      OMOs are auctions in which banks bid for loans from the central bank or vice versa. The loans are provided through bond repurchase agreements. Straight repos inject cash into the banking system as the PBoC buys bonds from commercial banks for a specific maturity. Reverse repos withdraw cash from the system as the PBoC sells bonds to commercial banks. Repo loans usually mature in seven to 28 days, though longer and shorter repos are also possible.