Which institution was established in China in December 1948 as the country’s central bank?

The People’s Bank of China was established in China in December 1948 as the country’s central bank.

It was formed by combining the central-bank functions of several financial institutions in the areas controlled by the Chinese Communist Party shortly before the founding of the People’s Republic of China in 1949. The bank initially performed both central and commercial banking roles.

After China’s banking reforms in the 1980s, the People’s Bank became focused on central banking. It now conducts monetary policy, regulates financial institutions in coordination with other authorities, manages foreign-exchange reserves, and issues the renminbi.

The Bank of China is a separate commercial bank. Similar names can cause confusion, but the People’s Bank of China is the country’s central monetary authority.