Central_Bank_of_the_Republic_of_China

Central Bank of the Republic of China (Taiwan)

Central Bank of the Republic of China (Taiwan)

Central bank of the Republic of China (Taiwan)

This article is about the monetary authority in Taiwan. For the central bank of Mainland China, see People's Bank of China. For the commercial bank, see Bank of China.

The Central Bank of the Republic of China (Taiwan) (CBC),[2][3] known in English from 1924 to 2007 as the Central Bank of China,[4] is the central bank of the Republic of China. It was founded in 1924 in Guangzhou, acted as the central for Mainland China until 1949 when it relocated to Taiwan.[5] It took over banknote issuance on the island from the Bank of Taiwan in 1961.

Quick Facts Headquarters, Established ...
Quick Facts Traditional Chinese, Simplified Chinese ...

Its legal and common name in Chinese is literally translated as the "Central Bank". The central bank is administered under the Executive Yuan of the ROC government.[6]

History

Mainland China

Central Bank of China headquarters between 1924 and 1927 in Guangzhou, Guangdong
Central Bank of China headquarters between 1928 and 1949 in Shanghai, former Russo-Chinese Bank Building on the Bund
Former branch of the Central Bank of China on West Jiaomin Lane in Beijing

The bank was originally proposed in 1923 by Sun Yat-sen's administration in Guangzhou, and was established a year later under the name Central Bank of China. Following the success of the Northern Expedition, the Central Bank took over the role of the central bank for China from the Bank of China in 1928, with its headquarters in Shanghai. Before 1949, it was one of China's "Big Four" national banks, along with the Bank of China, Bank of Communications, and Farmers Bank of China.

Taiwan

After World War II, Taiwan was retroceded to the Republic of China in 1945, and the Central Bank of China was moved along with the government to Taiwan after losing mainland China in the Chinese Civil War by the Kuomintang (KMT) and its subsequent retreat to Taiwan in December 1949. While the CBC was the island’s central bank from 1949, the Bank of Taiwan, a commercial bank founded in 1897 during Japanese colonial rule, kept issuing banknotes until the CBC assumed that role in 1961. On 8 November 1979, the newly revised Central Bank of China Act was promulgated. The Bank of Taiwan issued the New Taiwan dollar until 2000 when the Central Bank of China finally took over the task.[citation needed] In 2007 the English name of the Central Bank of China was renamed Central Bank of the Republic of China (Taiwan) along with a host of other renamings under the Chen Shui-bian administration of state-owned corporations with "China" in their name, such as the Chunghwa Post.

Organizational structure

Entrance to the CBC Department of Banking
Entrance to the CBC Department of the Treasury
  • Department of Banking
  • Department of Issuing
  • Department of Foreign Exchange
  • Department of the Treasury
  • Department of Financial Inspection
  • Department of Economic Research
  • Secretariat
  • Department of Accounting
  • Department of Information Management
  • Personnel Office
  • Ethics Office
  • Legal Affairs Office
  • New York City Representative Office
  • London Representative Office

List of governors

More information №, Name ...

Access

The headquarters building is accessible within walking distance northwest from Chiang Kai-shek Memorial Hall MRT station of the Taipei Metro.

See also

References

  1. [1]
    Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. [2]
    Welcome to the Central Bank of the Republic of China
  3. [3]
    "Central bank latest to drop 'China' label". Taipei Times. 11 Feb 2007. p. 1.
  4. [4]
    Introduction to the Central Bank of the Republic of China Archived November 28, 2007, at the Wayback Machine (in English)
  5. [5]
    "Central Bank of China changes English name". The China Post. 2007-02-11. Retrieved 2007-02-12.
  6. [6]
    The Law of the Central Bank, 中央銀行法 Archived December 28, 2007, at the Wayback Machine (in Chinese) (Central Bank Law)
  7. [7]
    Died in office.
  8. [8]
    Longest-serving governor.
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