The People's Bank of China is the central bank of China, officially the People's Republic of China.
Usually abbreviated PBC or PBOC, it was established in 1948, before the People's Republic was founded in 1949. For much of the early communist period, it performed both central-bank and commercial-banking functions. Economic reforms later separated those roles and helped create China's modern banking system.
The bank conducts monetary policy, manages official foreign-exchange reserves, regulates payment systems and issues the renminbi's currency framework. It is headquartered in Beijing and operates under China's State Council. A common mix-up is confusing it with the Bank of China, which is a state-owned commercial bank rather than the country's central bank.
Another related distinction is between China and Taiwan: the People's Bank of China serves mainland China, while Taiwan's central bank is the Central Bank of the Republic of China.