The People's Bank of China was founded in December 1948 in Shijiazhuang, in Hebei province, by the Chinese Communists a year before they proclaimed the People's Republic. It merged several regional banks of the communist-held areas, and issued a new currency, the renminbi, meaning the people's money. After 1949 it moved to Beijing and became the sole bank of the country in the planned economy, combining the roles of a central bank and a commercial bank. Reforms in the 1980s separated commercial banking from central banking and made it the central bank in the modern sense. Today it directs monetary policy and manages the country's currency and financial system.
Before and after
- from 8 November 1948 to 1 January 1951Rise of COBRA
- 12 November 1948Birth of Hassan Rouhani
- 14 November 1948Birth of Charles III
- 26 November 1948Birth of Elizabeth Blackburn
- 1 December 1948Founding of People's Bank of China
- 3 December 1948Birth of Ozzy Osbourne
- 6 December 1948Birth of Yoshihide Suga
- 9 December 1948Genocide Convention
- 10 December 1948Universal Declaration of Human Rights
More in Society, economy & sport
- 16 November 1945Founding of UNESCO
- 7 April 1948Founding of World Health Organization
- 4 April 1949Founding of NATO
- 1959HIV/AIDS
- 1 November 1993Founding of European Union
- from 15 November 2019 to 5 May 2023COVID-19 pandemic
The era
This moment belongs to the Contemporary world (1945 CE to today), the world since 1945. You can also browse everything in the 20th century.