People's Bank of China

Alternative Chinese nameSimplified Chinese人民银行Traditional Chinese人民銀行Literal meaningPeople BankSecond alternative Chinese nameChinese央行Literal meaningCentral BankTibetan nameTibetanཀྲུང་གོ་མི་དམངས། མི་རྣམས།དངུལ་ཁང་།Zhuang nameZhuangCunghgoz Yinzminz YinzhangzMongolian nameMongolian CyrillicДундад Улсын Ардын БанкMongolian scriptᠳᠤᠮᠳᠠᠳᠤ
ᠤᠯᠤᠰ ᠤᠨ
ᠠᠷᠠᠳ ᠤᠨ
ᠪᠠᠩᠬᠢUyghur nameUyghurجۇڭگو خەلق بانكا‎Portuguese namePortugueseBanco Popular da China

The People's Bank of China (officially PBC and unofficially PBOC) is the central bank of the People's Republic of China. It is responsible for carrying out monetary policy as determined by the PRC People's Bank Law and the PRC Commercial Bank Law.

The PBC was established in 1948 as the bank serving areas of mainland China under Chinese Communist Party (CCP) control and became China's sole central bank after the founding of the People's Republic of China in 1949. From 1969 to 1978, the PBC was demoted to a bureau of the Ministry of Finance. The PBC was extensively reformed during the 1990s, when its provincial and local branches were abolished, instead opening nine regional branches. In 2023, these reforms were reversed as when the regional branches were abolished and the provincial branches restored, and new arrangements essentially ended the PBC's longstanding role in financial supervision.

The PBC is the 25th-ranked of 26 ministerial-level departments of the State Council. The PBC lacks central bank independence and is required to implement the policies of the CCP under the direction of the party's Central Financial Commission, which is currently led by premierLi Qiang. The PBC is led by a governor assisted by several deputy governors and a CCP Committee Secretary. Since 2023, the roles of governor and CCP Committee Secretary have been held jointly by Pan Gongsheng.