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Law of the Peoples Republic of China on the Peoples Bank of China
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Adopted at the Third Session of the Eighth National Peoples Congress on March 18,1995, promulgated by Order No. 46 of the President of the Peoples Republic of China on March 18, 1995, and effective as of the date of promulgation) Contents Chapter¢ñ General Provisions Chapter¢ò Organizational Structure Chapter¢ó The Renminbi Chapter¢ô Business Operations Chapter¢õ Financial Supervision and Control Chapter¢ö Financial Affairs and Accounting Chapter¢÷ Legal Liabilities chapter¢ø Supplementary Provisions Chapter¢ñ General Provisions ¡¡¡¡Article 1 This Law is enacted in order to define the status and functions of the Peoples Bank of China, ensure the correct formulation and implementation of the States monetary policies, establish and perfect a macro-control system through a central bank and strengthen supervision and control over the banking industry. Article 2 The Peoples Bank of China is the central bank of the Peoples Republic of China. The Peoples Bank of China shall, under the leadership of the State Council, formulate and implement monetary policies and exercise supervision and control over the banking industry. ... Article 4 The Peoples Bank of China shall perform the following functions: (1) to formulate and implement monetary policies in accordance with law; ¡¡¡¡(2)to issue Renminbi(RMB) and control its circulation; ¡¡¡¡(3)to examine, grant approval to, supervise and administer banking institutions in accordance with regulations; ¡¡¡¡(4)to supervise and control the financial market in accordance with regulations; (5)to promulgate orders, rules and regulations concerning financial supervision and control and business operation; (6)to hold,administer and manage the State foreign exchange reserve and gold reserve; (7)to manage the State Treasury; (8)to maintain the normal operation of the systems for making payments and settling accounts; (9)to be responsible for statistics, investigation, analysis and forecasting concerning the banking industry; (10)to engage in relevant international banking operations in its capacity as the central bank of the State; and (11)other functions prescribed by the State Council. To implement monetary policies, the Peoples Bank of China may carry out financial operations in accordance with the relevant provisions of Chapter ¢ô of this Law. Article 5 The Peoples Bank of China shall report its decisions to the State Council for approval concerning the annual money supply, interest rates, foreign exchange rates and other important matters specified by the State Council before they are implemented. The Peoples Bank of China shall immediately implement the decisions on monetary policies for matters other than those specified in the preceding paragraph and report them to the State Council for the record. Article 6 The Peoples Bank of China shall submit a work report to the Standing Committee of the National Peoples Congress concerning matters relating to monetary policies and financial supervision and control. Article 7 The Peoples Bank of China shall, under the leadership of the State Council, implement monetary policies, perform its functions and carry out its business operations independently according to law and be free from intervention by local governments, government departments at various levels, public organizations or individuals. Article 8 Al capital of the Peoples Bank of China is invested by the State and owned by the State. Chapter¢ò Organizational Structure Article 9 The Peoples Bank of China shall have a Governor and a certain number of Deputy Governors.
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Paper Information
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Title: Law of the Peoples Republic of China on the Peoples Bank of China
Words: 2651
Rating: None
Pages: 10.6
submitted by: willway
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