Peoples Bank of China

About Peoples Bank of China

Founded in 1948 as the central bank of the Peoples Republic of China, established before the PRC itself was proclaimed on October 1, 1949. The PBOC combined central banking and commercial banking until 1978 when commercial banking functions were split off. The PBOC manages the yuan exchange rate, using capital controls to maintain stability. Under Governor Zhou Xiaochuan from 2002 to 2018, the PBOC modernized and partially internationalized the yuan. The PBOC pioneered the digital yuan, the first major central bank digital currency. The PBOC has over 6 trillion in assets, the largest central bank balance sheet after the Fed.