Located in Beijing, The People's Bank of China (PBOC) is the People's Republic of China's central bank. It was established on 1 December 1948, as the body responsible for monetary and fiscal policy, and financial regulation in Mainland China.
The PBOC oversaw business transactions and credit until 1978, the State Council then split off commercial banking functions of the PBOC into four independent state-owned banks, including the Bank of China (BOC).
In September 1983, the State Council decreed the PBOC would function as a central bank.The PBOC has the most extensive financial asset holdings of any central bank globally. The PBOC’s foreign exchange reserves have risen from an estimated $400 billion in 2004 to an approximate $3.7 trillion in 2018.Include a bit about the PBOC being split off into its subsidiaries to really connect the PBOC section to the Bank of China heading.