Which bank was founded in 1912 as China's first modern national bank?

Bank of China was founded in 1912 as China's first modern national bank. It developed from the government’s Da Qing Bank, which had been established in 1905 during the final years of the Qing dynasty.

After the Republic of China was founded, the institution became the country’s central bank and helped issue currency, manage government accounts, and conduct international financial work. In later decades, central-banking responsibilities moved to other institutions, while Bank of China became a major commercial and international bank.

Bank of China is one of the large state-owned commercial banks of the People’s Republic of China. It has especially strong historical connections with foreign exchange, international trade, and overseas banking. Its modern role should not be confused with that of the People’s Bank of China, which is the country’s central bank.

The name also causes occasional confusion because “Bank of China” describes a commercial institution, not the entire Chinese banking system. Its long history makes it one of the best-known Chinese banks worldwide.