The People's Bank of China (PBC) was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. In September 1983, the State Council decided to have the PBC function as a central bank. The Law of the People's Republic of China on the People's Bank of China adopted on March 18, 1995 by the 3rd Plenum of the 8th National People's Congress has since legally confirmed the PBC's central bank status. With the improvement of the socialist market economic system, the PBC, as a central bank, will play an even more important role in China's macroeconomic management.
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|---|---|---|---|---|---|
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China's central bank reduced foreign exchange risk reserve ratio for forward forex sales from 20% to 0%, effective March 2, to curb yuan strength.
China's economic officials shared key projections and plans for various sectors during the NPC press conference, including GDP growth, service sector expansion, and emerging industries.
China sets 4.5-5% GDP growth target for 2026, focusing on domestic demand, innovation, and opening-up to achieve high-quality economic development.
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