What's the difference between the central bank and the CBRC?

China Banking Regulatory Commission, the full name of China Banking Regulatory Commission, is a ministerial-level unit directly under the State Council, and it is the supervision department of banking financial institutions. Established on April 25th, 2003. Authorized by the State Council, it is responsible for the unified supervision and management of banks, financial asset management companies, trust and investment companies and other deposit-taking financial institutions, so as to safeguard the lawful and steady operation of the banking industry.

Main Duties of China Banking Regulatory Commission China Banking Regulatory Commission is responsible for the supervision and management of banking financial institutions throughout the country. Its main business can be divided into regulatory business and non-regulatory business.

In terms of supervision business, the department of big banks, the department of policy banks and the department of city banks were set up to supervise the five major banks, policy banks and city commercial banks respectively, and the inter-ministerial joint conference office for handling illegal fund-raising was also set up to supervise illegal fund-raising.

For non-regulatory business, there are mainly the regulatory department, policy research bureau, consumer protection bureau, prudential supervision bureau and other departments, which are responsible for formulating prudential supervision rules for the banking industry.

The CBRC also has the right to access banking financial institutions, such as the appointment of bank directors and senior executives and the establishment of new banking outlets by banks, all of which need the approval of the CBRC.

The CBRC, the People's Bank of China, the People's Bank of China, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the China Banking Regulatory Commission are collectively called "one bank, three meetings", but the central bank is the the State Council department and the three meetings are the directly affiliated institutions of the State Council at the ministerial level.

In the early days, China's financial structure was very simple, namely, the major state-owned banks headed by the People's Bank of China. It was not until 1983 that the State Council decided that the People's Bank of China should exercise the functions of the central bank exclusively.

Later, with the development of the financial industry, the supervision power of the People's Bank of China gradually separated: 1992, the supervision power of the securities market was assigned to the the State Council Securities Commission and the China Securities Regulatory Commission; 1995, the supervision right of securities companies is handed over to the CSRC; 1998, the insurance supervision right is handed over to the newly established CIRC; In 2003, the power of banking supervision was transferred to the newly established China Banking Regulatory Commission.

At this point, the People's Bank of China has become a real central bank, in charge of monetary policy, currency issuance and foreign exchange gold reserves, and the CBRC has become the regulatory department in charge of banking financial institutions.