China People's Bank was formed by the merger of North China Bank, Beihai Bank and Northwest Farmers Bank on June 1 948+February1. 1983 In September, the State Council decided that the People's Bank of China should exercise the functions of the national central bank exclusively. 1995 March 18, the third session of the Eighth National People's Congress passed the Law of the People's Republic of China on the People's Bank of China. So far, the People's Bank of China, as the central bank, has been determined by law. The history of the People's Bank of China can be traced back to the Second Revolutionary Civil War. 193111710. At the "First National Soviet Congress" held in Ruijin, Jiangxi, it was decided to establish the National Bank of the Chinese Soviet Republic (hereinafter referred to as the Soviet National Bank) and issue currency. From the Agrarian Revolution to War of Resistance against Japanese Aggression, until the eve of the birth of People's Republic of China (PRC), the people's political power was divided into disconnected regions. Each base area has established a relatively independent and decentralized base area bank and issued its own currency circulating in the base area. 1948 12 1 On the basis of North China Bank, Beihai Bank and Northwest Farmers Bank merged to establish China People's Bank in Shijiazhuang City, Hebei Province, and issued RMB, which became the central bank and legal standard currency after the founding of People's Republic of China (PRC). \x0d\ The People's Bank of China has undergone great and profound changes in its system, functions, status and role since its establishment more than 50 years ago, especially since the reform and opening up. \x0d\ 1。 The People's Bank of China was established and the national banking system was established (1948-1952) \ x0d \19481,and the People's Bank of China was announced to be established in Shijiazhuang, Hebei Province. The People's Government of North China issued a notice on the same day, saying that the RMB issued by the People's Bank of China will be used as the standard currency in unified circulation in North China, East China and Northwest China for all public and private payments and all transactions. 1February, 949, the People's Bank of China moved from Shijiazhuang to Beiping. 1949 In September, the China People's Political Consultative Conference passed the Organic Law of the Central People's Government of the People's Republic of China, which incorporated the People's Bank of China into the series of units directly under the State Council, accepted the guidance of the Financial and Economic Committee, kept close contact with the Ministry of Finance, and entrusted it with the functions of a national bank, undertaking the tasks of issuing national currency, managing the national treasury, managing national finance, stabilizing financial markets, and supporting economic recovery and national reconstruction. \x0d\ During the period of national economic recovery, the People's Bank of China, under the unified leadership of the Central People's Government, set out to establish a unified national banking system: First, establish an independent and unified monetary system to make RMB a functional currency circulating in China and coordinate various economic departments to control inflation; Second, quickly establish branches, form a national banking system, take over bureaucratic capital banks, and rectify the private financial industry; Third, implement financial management, divert hot money, crack down on the black market of gold, silver and foreign currencies, abolish the privileges of foreign banks in China, prohibit the circulation of foreign currencies, and uniformly manage foreign exchange; The fourth is to carry out deposit, loan, remittance and foreign exchange business, promote the exchange of materials between urban and rural areas, and prepare for economic construction. By the end of the national economic recovery period from 65438 to 0952, the People's Bank of China, as the national bank of People's Republic of China (PRC), established a national vertical leadership organization system; Issue RMB in a unified way, and gradually redeem the currency issued by the liberated areas. All the currency issued by the Kuomintang government is clearly marked and cashed within a time limit, which will soon make RMB a unified national currency; Unified management of various financial institutions. The People's Bank of China made full use of currency issuance and monetary policy, implemented cash management, carried out "absorbing deposits, building vaults, and flexibly allocating funds", and adjusted the supply and demand of money in the market by means of savings discount and deposit interest rate, which reversed the chaotic financial market in the early days of the founding of New China and finally stopped the hyperinflation left over by the Kuomintang government for 20 years. At the same time, according to the principle of "giving consideration to public and private interests, benefiting both employers and employees, helping urban and rural areas and exchanging needed goods", the flexible allocation of funds has supported the rapid growth of the state-owned economy and moderately increased loans to the private economy and the individual economy; It has promoted the exchange of materials between urban and rural areas and made great contributions to the stability of the RMB value and the recovery and development of the national economy. \x0d\ II。 National Bank in the Planned Economy Period (1953- 1978) \x0d\ Under the unified planning system, the top-down people's bank system has become the basic means for the country to absorb, mobilize, concentrate and distribute credit funds. With the acceleration of socialist transformation, the private financial industry has been brought into the track of public-private joint banks, forming a centralized and unified financial system. The People's Bank of China, as a national financial management and currency issuing institution, is not only a state organ in charge of finance, but also a state bank in comprehensive banking business. \x0d\ In line with the highly centralized banking system, a centralized and unified comprehensive credit plan management system has been established since 1953, that is, the head office of the People's Bank of China exercises unified control over all credit funds, and implements the management mode of "unified deposit and unified loan" regardless of the source or use of funds. The bank credit plan has been incorporated into the national economic plan and has become an important means for the state to manage the economy. A highly centralized national banking system provides comprehensive financial supervision and services for large-scale economic construction. \x0d\ The People's Bank of China undertakes the function of organizing and regulating the currency circulation, manages all kinds of credit businesses in a unified way, and has the functions of comprehensive reflection and currency supervision in the implementation of the national plan. Banks provide over-quota working capital loans, seasonal loans and a small amount of major repair loans to state-owned enterprises, part of production working capital loans to urban and rural collective economy, individual economy and private economy, and production loans, rations loans and other living loans to poor rural farmers. This system of long-term funds belonging to finance, short-term funds belonging to banks, free funds belonging to finance, paid funds belonging to banks, fixed funds belonging to finance and over-limit funds belonging to banks continued until 1978. Although there have been several changes during this period, the basic pattern has not changed much. \x0d\ III。 Transition from national bank to central bank system (1979-1992) \ x0d \19791. In order to strengthen the support for rural economy, the Agricultural Bank of China was restored. In March of the same year, in order to adapt to the new situation of opening to the outside world and the development of international financial business, China Bank was reformed, and China Bank became a national designated foreign exchange professional bank; At the same time, the State Administration of Foreign Exchange was established. Later, the domestic insurance business was resumed and China People's Insurance Company was re-established. Trust and investment companies and urban credit cooperatives have also been established in various places to diversify financial institutions and services. \x0d\ With the development of economic and financial institutions, it is urgent to strengthen the unified management and comprehensive coordination of the financial industry, and the People's Bank of China will assume the responsibility of the central bank, which has become an urgent issue to improve the financial system and better develop the financial industry. 1In July, 982, the State Council approved the report of the People's Bank of China, further emphasizing that "China People's Bank is the central bank of China, and it is a state organ that manages the national finance under the leadership of the State Council", and thus began the preparatory work for establishing a special central banking system. \ x0d \1983 September 17, 2007, the State Council decided that the People's Bank of China should exercise the functions of the central bank exclusively, and stipulated the duties of the People's Bank of. From 10 to 65438+65438 0984+ 1 in October, the People's Bank of China began to exercise the functions of the central bank, focusing on studying and implementing the macro-decision of the state's finance, strengthening the total credit control and the fund regulation of financial institutions, and maintaining monetary stability; At the same time, the newly established China Industrial and Commercial Bank, which used to be undertaken by the People's Bank of China, is operated by China Industrial and Commercial Bank; The business of the branches of the People's Bank of China shall be led vertically; Establish the Council of the People's Bank of China as a coordinating decision-making body; The deposit reserve system and the central bank's loan system for specialized banks were established, and the basic framework of the central bank system was initially determined. \x0d\ In the initial stage of China People's Bank's professional central bank function, with the deepening of the national economic system reform and the rapid economic development, in order to adapt to the emergence of various financial institutions, financing channels and credit instruments, China People's Bank constantly reformed its mechanism, enlivened its finance, developed its financial market and promoted its financial system innovation. The People's Bank of China strives to explore and improve the means and methods of macro-control. On the basis of perfecting the means of planning and control, we will gradually control the credit and money supply by means of interest rate, deposit reserve ratio and central bank loans, so as to achieve the effect of "macro-control, micro-invigorating and striving for progress while maintaining stability". In the process of stopping "credit expansion" and "economic overheating" and promoting economic restructuring, the ability to adjust the economy by using monetary policy has been initially cultivated. \x0d\ IV。 Gradually strengthen and improve the modern central banking system (1993 till now) \x0d\ 1993. In accordance with the State Council's decision on financial system reform, the People's Bank of China has further strengthened its responsibilities in financial regulation, financial supervision and financial services, and transferred its policy business and commercial banking business. \ x0d \1995 March 18, the National People's Congress passed the Law of the People's Republic of China on the People's Bank of China, which established the status of the People's Bank of China as a central bank for the first time in the form of national legislation, marking the legalization and standardization of the central banking system and an important milestone in the construction of the central banking system. \x0d\ 1998 According to the deployment of the Central Financial Work Conference, the management system of the People's Bank of China was reformed, provincial branches were abolished and inter-provincial branches were established. At the same time, the Party Committee of the People's Bank of China was established to exercise vertical leadership over the relationship between the Party and the masses and vertical management over cadres. \ x0d \ 2003, according to the Opinions on Deepening the Reform of Administrative Management System and Institutions deliberated and adopted by the Second Plenary Session of the 16th CPC Central Committee and the Institutional Reform Plan of the State Council approved by the First Session of the 10th National People's Congress, the supervision function of the People's Bank of China on deposit-taking financial institutions such as banks, financial asset management companies and trust and investment companies was separated and integrated with the related functions of the Central Financial Working Committee, and the China Banking Supervision and Management Committee was established. In September of the same year, the Central Organizing Committee formally approved the adjustment opinions of the People's Bank of China. On February 27th, 65438, the Sixth Session of the Standing Committee of the Tenth NPC deliberated and passed the Law of the People's Republic of China on the People's Bank of China (Amendment). \x0d\ After the adjustment of financial supervision responsibilities, the new function of China People's Bank is formally expressed as "formulating and implementing monetary policies, maintaining financial stability and providing financial services." At the same time, it is clearly stipulated: "The People's Bank of China is a department of the State Council, the central bank of People's Republic of China (PRC), and the macro-control department that formulates and implements monetary policy, maintains financial stability and provides financial services under the leadership of the State Council." The change of this function is mainly manifested as "one strengthening, one transforming and two increasing". \x0d\ "One strengthening \" means strengthening the functions related to the formulation and implementation of monetary policy. The People's Bank of China should vigorously improve the level of monetary policy formulation and implementation, and flexibly use interest rates, exchange rates and other monetary policy tools to implement macro-control; Strengthen the research and formulation of money market rules, strengthen the supervision and monitoring of financial markets such as money market, foreign exchange market and gold market, pay close attention to relevant channels, policies and risk control measures between money market and real estate market, securities market and insurance market, and dredge the transmission mechanism of monetary policy. "Change" refers to the change in the way of implementing macro-control of the financial industry and preventing and resolving systemic financial risks. In the past, it was mainly through direct control methods such as examination and approval of the establishment of financial institutions, business review, qualification examination of senior managers, supervision and guidance, etc., and it was changed to monitoring and evaluating the overall risk of the financial industry, the risk of financial holding companies and the risk of cross-cutting financial instruments, preventing and resolving systemic financial risks and safeguarding national economic and financial security; It will be transformed into a comprehensive study and formulation of relevant reform and development plans and opening-up strategies for the financial industry, so as to promote the coordinated development and opening-up of the three major industries of banking, securities and insurance, improve the international competitiveness of China's financial industry and safeguard national interests in accordance with China's commitment to joining the WTO; Change to strengthen research and formulate policies suitable for foreign exchange management to prevent the impact of international capital flows. \x0d\ "two additions \", that is, two functions of anti-money laundering and credit management are added. In the future, the People's Bank of China will organize and coordinate the national anti-money laundering work, guide the deployment of anti-money laundering work in the financial industry, undertake the responsibility of monitoring anti-money laundering funds, and participate in relevant international anti-money laundering cooperation. The People's Bank of China manages the credit industry and promotes the construction of social credit system. \x0d\ These new changes have further strengthened the important role of the People's Bank of China, as the central bank of China, in implementing financial macro-control, maintaining currency stability, promoting sustainable economic growth, and preventing and defusing systemic financial risks. With the continuous improvement of the socialist market economic system, the People's Bank of China, as the central bank, will play a more prominent role in the macro-control system. Faced with more arduous tasks and more important responsibilities, the central bank should have a broader vision, broader ideas and a higher foothold in the process of fulfilling its new responsibilities. In particular, we should vigorously strengthen the functions related to the formulation and implementation of monetary policy, not only strengthen the regulation, supervision and monitoring of financial markets such as money market, foreign exchange market and gold market, but also pay attention to the operation and risks of other financial markets from the perspective of the organic connection of financial market systems, and comprehensively and flexibly use various monetary policy tools such as interest rates and exchange rates to implement financial macro-control. From the perspective of safeguarding national economic and financial security and realizing and safeguarding national interests, we should study and plan major strategic issues related to the reform, development and stability of China's entire financial industry. At present, China's economy is becoming more and more market-oriented, and the environment faced by monetary policy decision-making is becoming more and more complicated. The long-term accumulation of financial risks in the financial industry is still heavy, and the task of reform and restructuring is very arduous. In this case, the central bank should better and accurately grasp the factors that affect the overall situation of economic and financial development, pay attention to studying new situations, developing new tools, exploring new methods and solving new problems, creatively carry out its work, strive to be aware of the overall situation, be macro-oriented, understand technology and have courage, and give full play to the prominent role of the central bank in macro-control. \x0d\ According to the provisions of the State Council's institutional reform plan deliberated and adopted by the 10th National People's Congress, the supervision function of the People's Bank of China on banks, financial asset management companies, trust and investment companies and other deposit-taking financial institutions was separated and integrated with the relevant functions of the Central Financial Work Committee, and the China Banking Supervision and Management Committee was established. \x0d\ With the continuous improvement of the socialist market economic system, the People's Bank of China, as the central bank, will play a more prominent role in the macro-control system. According to the Law of the People's Republic of China on the People's Bank of China revised by the NPC Standing Committee at the 6th meeting of the 10th National People's Congress on February 27th, 2003, the main duties of the People's Bank of China are: \x0d\ (1) drafting relevant laws and administrative regulations; Improve the operating procedures of relevant financial institutions; Issue orders and regulations related to the performance of duties. \x0d\ (2) Formulating and implementing monetary policies according to law. \x0d\ (3) Supervise and manage the interbank lending market, the interbank bond market, the foreign exchange market and the gold market. \x0d\ (4) Prevent and resolve systemic financial risks and maintain national financial stability. \x0d\ (5) Determine the RMB exchange rate policy; Maintain a reasonable RMB exchange rate level; Implement foreign exchange management; Hold, manage and operate the national foreign exchange reserves and gold reserves. \x0d\ (6) Issue RMB and manage its circulation. \x0d\ (7) the manager's vault. \x0d\ (8) Work out payment and settlement rules with relevant departments to maintain the normal operation of the payment and settlement system. \x0d\ (ix) Formulate and organize the implementation of a comprehensive statistical system for the financial industry, and be responsible for data collection and macroeconomic analysis and forecast. \x0d\ (10) Organize and coordinate the national anti-money laundering work, guide and deploy the anti-money laundering work in the financial industry, and assume the responsibility of monitoring anti-money laundering funds. \x0d\ (xi) Manage the credit industry and promote the construction of social credit system. \x0d\ (xii) As the central bank of the country, it is engaged in relevant international financial activities. \x0d\ (XIII) engaging in financial business activities in accordance with relevant regulations. \x0d\ (XIV) To undertake other tasks assigned by the State Council.