Bank of China
Bank of China is one of the big four state-owned commercial banks of the People's Republic of China – the other three are Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China. Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.
New PBOC policy-thinkers named
The State Council has named members of the People's Bank of China's (PBOC) newly-established Monetary Policy Committee.
PBOC governor Dai Xianglong will be chairman, and vice-governor Chen Yuan will be vice-chairman.
Other members include PBOC vice-governor Shang Fulin, State Planning Commission vice-director Wang Cunzheng, State Economic and Trade Commission vice-director Chen Qingtai, vice-minister of finance Xie Xuren, and State Administration of Foreign Exchange director Zhou Xiaochuan.
Others are China Securities Regulatory Commission vice-chairman Chen Yaoxian, Industrial and Commercial Bank of China governor Liu Tinghuan, Agricultural Bank of China governor Shi Jiliang and China Remin University principal Huang Da. The committee held its first meeting yesterday. It will meet in the first month of every quarter.