Central Bank of China
Encyclopedia
The Central Bank of the Republic of China (Taiwan), known in English from 1924 to 2007 as the Central Bank of China, is the central bank
of the Republic of China
(Taiwan). 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.
The bank was originally established in 1924 under Sun Yat-sen
's administration in Guangzhou
. Following the success of the Northern Expedition, the Central Bank took over the role of 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
.
After the loss of mainland China
in the Chinese Civil War
by the Kuomintang
(KMT) and its subsequent retreat to Taiwan in 1949, the Central Bank of China also moved along with the government to Taiwan. Until it was re-established as central bank in 1961, the Bank of Taiwan
acted as the de facto central bank in Taiwan. The Bank of Taiwan issued the New Taiwan dollar
until 2000, when the Central Bank of China finally took over the task. In 2000 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
.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of the Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
(Taiwan). Its legal and common name in Chinese is literally translated as the "Central Bank". The central bank is administered under the Executive Yuan
Executive Yuan
The Executive Yuan is the executive branch of the government of the Republic of China , commonly known as "Taiwan".-Organization and structure:...
of the ROC government.
The bank was originally established in 1924 under Sun Yat-sen
Sun Yat-sen
Sun Yat-sen was a Chinese doctor, revolutionary and political leader. As the foremost pioneer of Nationalist China, Sun is frequently referred to as the "Father of the Nation" , a view agreed upon by both the People's Republic of China and the Republic of China...
's administration in Guangzhou
Guangzhou
Guangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
. Following the success of the Northern Expedition, the Central Bank took over the role of central bank for China from the Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
in 1928, with its headquarters in Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
. Before 1949, it was one of China's "Big Four
Big Four (banks)
Big Four is the colloquial name for the four main banks in several countries, where the banking industry is dominated by just four institutions and where the phrase has gained currency.-Australia:...
" national banks, along with the Bank of China, Bank of Communications
Bank of Communications
Bank of Communications Limited , founded in 1908, is one of the largest banks in China.-Before 1949:The Bank of Communications was founded in 1908 and emerged as one of the first few major national and note-issuing banks in the early days of the Republic of China...
, and Farmers Bank of China
Farmers Bank of China
The Farmers Bank of China was one of the largest banks in China and later in Taiwan.-History:The Farmers Bank of China was founded on April 1, 1933 in Hankou from the amalgamation of provincial agricultural banks in Henan, Hubei, Anhui and Jiangxi...
.
After the loss of mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
in the Chinese Civil War
Chinese Civil War
The Chinese Civil War was a civil war fought between the Kuomintang , the governing party of the Republic of China, and the Communist Party of China , for the control of China which eventually led to China's division into two Chinas, Republic of China and People's Republic of...
by the Kuomintang
Kuomintang
The Kuomintang of China , sometimes romanized as Guomindang via the Pinyin transcription system or GMD for short, and translated as the Chinese Nationalist Party is a founding and ruling political party of the Republic of China . Its guiding ideology is the Three Principles of the People, espoused...
(KMT) and its subsequent retreat to Taiwan in 1949, the Central Bank of China also moved along with the government to Taiwan. Until it was re-established as central bank in 1961, the Bank of Taiwan
Bank of Taiwan
The Bank of Taiwan is a bank headquartered in Taipei, Republic of China . It is administered and owned by the Executive Yuan of the Republic of China.-History:...
acted as the de facto central bank in Taiwan. The Bank of Taiwan issued the New Taiwan dollar
New Taiwan dollar
The New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar...
until 2000, when the Central Bank of China finally took over the task. In 2000 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
Chen Shui-bian
Chen Shui-bian is a former Taiwanese politician who was the 10th and 11th-term President of the Republic of China from 2000 to 2008. Chen, whose Democratic Progressive Party has traditionally been supportive of Taiwan independence, ended more than fifty years of Kuomintang rule in Taiwan...
administration of state-owned corporations with "China" in their name, such as the Chunghwa Post
Chunghwa Post
The Chunghwa Post Co., Ltd. , formerly Taiwan Post Co. , is the official postal service of the Republic of China , providing mail service for Taiwan Area of the Republic of China. It also provides a savings account service...
.
See also
- Central Mint of ChinaCentral Mint of ChinaThe Central Mint of China is a subsidiary of the Central Bank of China in the Republic of China . The major activities of the mint are minting and melting circulation and commemorative coins, and producing commemorative medals and other kind of casting products for government institutions and...
- China Engraving and Printing WorksChina Engraving and Printing WorksThe China Engraving and Printing Works is a subsidiary of the Central Bank of China in the Republic of China . It is responsible for printing the paper bank notes of Taiwan in its currency, the New Taiwan Dollar....
- Economy of TaiwanEconomy of TaiwanTaiwan has a developed capitalist economy that ranks as the 19th largest in the world by Purchasing power parity and 24th in nominal GDP of investment and foreign trade by the Republic of China government which governs Taiwan. In keeping with this trend, most large government-owned banks and...
- List of banks in Taiwan