The Bank of England

The People’s Bank of China (PBoC) was created in 1948 through the consolidation of China’s former banks: Huabei Bank, Beihai Bank, and Xibei Farmer Bank. From 1950 to 1978, the PBoC served the entire Chinese financial system as a central bank as well as a commercial bank. In 1978, the PBoC parted from the Ministry of Finance and ceased to perform as a commercial bank. The commercial bank duties were divided among four state-owned banks: the Bank of China (BoC), the Construction Bank of China (CBC), the Agricultural Bank of China (ABC), and the Industrial and Commercial Bank of China (ICBC) . These state-owned commercial banks, though heavily regulated by the government, are becoming more commercially oriented.68 The PBoC became a central bank in 1983, when its status was changed by the Chinese State Council. Meanwhile, the China Banking Regulatory Commission was established to monitor and supervise China’s financial industry.