The status and role of Bank of China

The Bank of China was established with the approval of President Sun Yat-sen on January 24, 1912.

Officially opened on February 5, 1912.

It was reorganized from the Hubu Bank established by the Qing government in 1905 (renamed Ta Ching Government Bank from 1908, and was responsible for rectifying the currency system, issuing currency, organizing the treasury, and exercising the powers of the central bank).

Therefore, Bank of China is one of the oldest banks in China.

During the Republic of China, the Bank of China continued to serve as the central bank from its establishment in the early years of the Republic of China until 1928. At this time, the National Government established a separate central bank and revised the regulations and charter of the Bank of China to "become an international exchange bank with the charter of the National Government."

At that time, the head office also moved from Beijing (then known as Peiping) to Shanghai.

At this time, the Bank of China was a joint-stock bank jointly run by the government and businessmen.

In the early days, the Bank of China did a lot of work in restricting the expenditures of the Beiyang Military Government, resisting Yuan Shikai's currency suspension order, supporting the development of the national economy, and organizing patriotic overseas Chinese to support the domestic Anti-Japanese War.

In April 1935, the Nationalist Government once again revised the Bank of China Regulations, resulting in the fact that the actual control of the Bank of China fell to the four major families, making it a tool for bureaucratic capitalism to amass wealth.

In 1949, the Military Control Commission of the Chinese People's Liberation Army took over the Bank of China.

The original general management office moved to Taiwan with the Republic of China government and reopened in Taiwan in 1960.

The institutional department in Taiwan was renamed International Commercial Bank of China in 1971. In August 2006, it merged with Chiao Tung Bank to form Mega International Commercial Bank.

All branches and departments retained in the mainland area were reverted to state ownership and continued to operate under the name of Bank of China.

During the period of socialist construction in New China, in April 1950, the General Management Office of the Bank of China was placed under the leadership of the Head Office of the People's Bank of China.

On October 27, 1953, the Government Affairs Council of the Central People's Government promulgated the "Regulations of the Bank of China", clarifying that Bank of China is a specialized foreign exchange bank chartered by the Government Affairs Council of the Central People's Government of the People's Republic of China.

During the period of socialist revolution and construction, the Bank of China, as a functional department under the leadership of the People's Bank of China, used credit, settlement, exchange rate and other means to promote the development of foreign trade and continuously increase the country's foreign exchange income; it actively participated in opposing the U.S. government's freeze on the U.S. dollar

Struggle for assets, resist the economic blockade imposed by the U.S. government on China; support the transportation department in gradually establishing an ocean-going fleet, and support enterprises to increase output and quality by importing equipment and materials; conscientiously perform the duties of a national foreign exchange professional bank and strengthen the development of foreign exchange management

Interactions with the international financial community.

During the Reform and Opening-up Period, since the reform and opening-up, Bank of China has made great progress in various businesses and has entered the forefront of the world's large banks.

With the approval of the State Council on March 13, 1979, the Bank of China was separated from the People's Bank of China and simultaneously exercised the functions of the State Administration of Foreign Exchange, directly under the leadership of the State Council.

The Bank of China and the State Administration of Foreign Exchange have two external brands and a set of internal institutions, managed by the People's Bank of China.

The General Management Office of the Bank of China was changed to the Head Office of the Bank of China, which is responsible for the unified operation and centralized management of the national foreign exchange business.

In September 1983, the State Council decided that the People's Bank of China would exclusively perform the functions of the central bank. Subsequently, the Bank of China and the State Administration of Foreign Exchange were separated and each performed its own duties. The Bank of China's unified responsibility for the country's foreign exchange remained unchanged.

At this point, Bank of China has become a national foreign exchange and foreign trade specialized bank under the supervision of the People's Bank of China.

The identity of the Bank of China has undergone fundamental changes, from a branch of the People's Bank of China and a national financial management agency to a profit-oriented enterprise.

In the reform of the foreign exchange management system in 1994, the state's foreign exchange was operated by the State Administration of Foreign Exchange, and the Bank of China began to transform from a specialized foreign exchange and foreign trade bank to a state-owned commercial bank.

All foreign exchange banks enjoy equal status in foreign exchange business operations. Bank of China has officially ended the national foreign exchange professional management and no longer enjoys a monopoly in foreign exchange business.

As a wholly state-owned commercial bank, Bank of China, together with the other three wholly state-owned commercial banks (Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank), has become the backbone of the country's financial industry.

Joint-stock Reform Bank of China was designated by the State Council as one of the pilot banks for the joint-stock reform of wholly state-owned commercial banks in 2003.

Focusing on the goal of becoming a modern joint-stock commercial bank with sufficient capital, tight internal controls, safe operations, good services and benefits, and international competitiveness, Bank of China has further improved its corporate governance mechanism, strengthened the construction of risk management and internal control systems, and integrated management processes and businesses.

process, promote the reform of human resources management, accelerate product innovation and service innovation, and steadily advance the shareholding reform work.

On August 26, 2004, Bank of China Co., Ltd. was established, marking a new chapter in the history of Bank of China and starting a new journey.