According to the Law of the People's Republic of China on the People's Bank of China, the People's Bank of China, under the leadership of the State Council, independently implements monetary policies, performs its duties and conducts business without interference from local governments, social organizations and individuals.

The history of the People's Bank of China can be traced back to the Second Revolutionary Civil War. 193111710. At the "First National Soviet Congress" held in Ruijin, Jiangxi, it was decided to establish the National Bank of the Chinese Soviet Republic (hereinafter referred to as the Soviet National Bank) and issue currency.

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According to relevant laws and regulations, the main responsibilities of the People's Bank of China are:

(1) To formulate plans for the reform, opening up and development of the financial industry, undertake comprehensive research, coordinate and solve major problems in financial operation, and promote the coordinated and healthy development of the financial industry. Take the lead in coordinating national financial security work and safeguarding national financial security.

(2) Take the lead in establishing a macro-prudential management framework, drafting major financial regulations and other relevant laws and regulations, formulating a basic system of prudential supervision, and establishing and improving a basic system of financial consumer protection.

(3) To formulate and implement monetary and credit policies, improve the monetary policy control system, and be responsible for macro-prudential management.

Baidu Encyclopedia-China People's Bank