Which institution has issued China’s renminbi since the People’s Republic of China was founded in 1949?

The People’s Bank of China has issued China’s renminbi since the People’s Republic of China was founded in 1949.

The People’s Bank of China, commonly abbreviated PBOC, was established in December 1948 through the consolidation of several Communist-controlled regional banks. After the People’s Republic was proclaimed in October 1949, it became the country’s central monetary institution.

The PBOC issues renminbi banknotes, conducts monetary policy, manages foreign-exchange reserves, and supports financial stability. The renminbi is the official currency, while “yuan” is the basic unit used in prices and everyday speech. The currency’s international code is CNY.

The PBOC should not be confused with the Bank of China, a commercial state-owned bank that provides banking services. The PBOC is the central bank and regulator, whereas the Bank of China serves customers and businesses. The PBOC’s headquarters are in Beijing.