Bank of China

Bank of China

Bank of China was formally established on February 5, 1912 with the approval of Dr. Sun Yat Sen. The head office, located at No.1 fuxingmennei street, Beijing, is a large state-owned bank managed by the central government and a national vice ministerial unit. As a state-owned financial institution under the leadership of the Communist Party of China, the Bank of China,

Guided by Xi Jinping's socialist ideology with China's characteristics in the new era.

Bank of China is a note issuing bank in Hong Kong and Macao. Its business scope covers commercial banks, investment banks, funds, insurance, aviation leasing, etc.

Bank of China is the only bank in China that has been operating continuously for more than 100 years,

It is also the most internationalized and diversified bank in China.

The organization covers the mainland of China and 61 countries and regions,

It has holding financial institutions such as Bank of China International, Bank of China investment, Bank of China fund, Bank of China Insurance, Bank of China aviation leasing, Bank of China consumer finance, Bank of China financial business, Bank of China Hong Kong, etc.

In 2018, the Bank of China was once again selected as a global systemically important bank, becoming the only financial institution selected in emerging market economies for eight consecutive years.

In July 2019, the banker announced that bank of China ranked fourth among the top 1000 global banks in 2019.

In June 2017, Bank of China ranked 94th according to brandz's top 100 most valuable global brands in 2017.

In February 2018, brand Finance released the list of global top 500 brands in 2018, and Bank of China ranked 18th.

In December 2018, the 2018 (15th) ranking of world top 500 brands exclusively compiled by world brand laboratory was announced in New York, USA, and Bank of China ranked 198th. On July 22, 2019, the Fortune 500 list was released, and the Bank of China ranked 44th.

In December 2019, Bank of China was selected as the model 100 brand of China brand power festival in 2019.

On December 18, 2019, people's daily released the 100 list of China brand development index, and Bank of China ranked 21st.

In March 2020, it will be ranked 20th in the global top 500 brand value.

Basic introduction

Bank of China was established in Shanghai in 1912 with the approval of Dr. Sun Yat Sen. it is one of the oldest banks in China.

From 1912 to 1928, the Bank of China performed the functions of the central bank and was responsible for acting as the agent of the national treasury, undertaking foreign exchange and issuing bank notes.

From 1928 to 1942, as an international exchange bank authorized by the government, the Bank of China actively learned from the advanced international experience, reformed the management mechanism, took the lead in the international market in China's financial sector, and successively set up branches in London, Singapore, New York and other international financial centers.

From 1942 to 1949, the Bank of China, as a specialized international trade bank, was responsible for the government's collection and payment of foreign funds, the development of foreign trade, and the handling of relevant loans and investments.

Since 1949, the Bank of China has long been a specialized bank in foreign exchange and foreign trade. It has unified the management of foreign exchange, carried out international trade settlement, overseas remittance and other non trade foreign exchange business, and vigorously supported the development of foreign trade and economic construction. Since the reform and opening up, the Bank of China has firmly seized the historical opportunity for the country to use foreign capital and advanced technology to speed up economic construction, give full play to the unique advantages of long-term foreign exchange business, and become the main channel for the country to use foreign capital.

Historical development

1912-1995

At the beginning of January 1912, the "commercial stock Association" of the Bank of Qing formally wrote to Sun Yat Sen, suggesting that "the original bank of Qing should be changed into the Bank of China, reorganized as the Central Bank of the government.

In 1912, Chen Jintao, Deputy Supervisor of Daqing bank, was nominated by Wu Tingfang, then the chief justice of the government, to be the chief financial officer of the interim government and was resident in Shanghai. With the help of the commercial stock Association of Daqing bank, he began to transform Daqing bank into Bank of China and establish the Central Bank of the government.

On January 24, 1912, President Sun Yat Sen approved the establishment of Bank of China, which came into being.

On January 28, 1912, the "commercial stock Association" of the Bank of Qing held a general meeting of shareholders. The meeting decided that the temporary board of directors and supervisors of the Bank of China should be composed of the staff of the board of shareholders to be responsible for drafting the articles of association with the chief and Deputy supervisors and managing the affairs of the bank.

On February 5, 1912, the Bank of China officially opened.

From 1912 to 1928, the Bank of China became the Central Bank of the Nanjing Provisional Government and the Beiyang government, exercising the functions of the Central Bank of the government at that time.

In 1916, he resisted Yuan Shikai's government's order to stop the exchange and made every effort to safeguard the credit of Bank of China.

From 1916 to 1923, the Bank of China spent nearly ten years sorting out the issue of Beijing banknotes.

In 1917, there was a dispute over rules -- a struggle between government and business for the leadership of the Bank of China.

In 1927, the national government of Wuhan concentrated cash, and the Bank of China in Hankou suffered heavy losses.

In 1928, the Bank of China was reorganized into an international exchange bank.

In 1929, the Bank of China established the first overseas branch of China's financial industry in London.

From 1930 to 1937, the Bank of China building on the Bund was built to compete with foreign banks in Shanghai.

In 1932, it initiated the establishment of China credit reference Institute, and started the cause of China credit reference.

From 1929 to 1936, the Bank of China opened overseas institutions to expand China's foreign exchange business.

From 1929 to 1936, we expanded the scale of loans, changed the structure of loans, and supported the development of domestic production.

In 1931, China Insurance Company was established to promote the development of insurance business.

In 1932, it calmed down the trend of public debt and promoted the consolidation of public debt.

From 1933 to 1935, the world's silver market was turbulent, and the Bank of China tried to prevent the outflow of silver.

From 1932 to 1933, the Bank of China strongly advocated abolishing the two yuan system and actively participated in the reform of the currency system.

In April 1935, the national government revised the regulations of the Bank of China again, trying to monopolize finance by forcing the Bank of China to restructure again, which led to the fact that the actual control of the Bank of China fell into the four families and became a tool for bureaucratic capitalism to collect wealth.

In 1939, the Nanjing government set up the general office of the four associations to adjust the division of labor among the four industries.

From 1938 to 1942, the transportation of banknotes and bonds was strengthened to meet the needs of the Anti Japanese war.

From 1939 to 1941, we balanced Shanghai's foreign exchange market and tried our best to maintain the exchange rate.

From 1939 to 1943, he persisted in the currency struggle and resisted the financial invasion of Japan and puppet.

From 1939 to 1945, he made great efforts to win remittances from overseas Chinese and actively supported the Anti Japanese war.

In 1942, the Bank of China became a professional bank to develop international trade.

From 1946 to 1949, "100 yuan per grain of rice" -- hyperinflation had a serious impact on the Bank of China.

From 1947 to 1948, the Nanjing government ordered the transfer of foreign exchange, but the Bank of China resisted under pressure.

In 1949, the people's Republic of China was founded, and the new Chinese government took over the Bank of China. In December of the same year, the general management office of the Bank of China moved from Shanghai to Beijing.

In 1949, the military control commission of the people's Liberation Army took over the Bank of China. The former general management office moved to Taiwan with the government of the Republic of China and reopened in 1960.

From 1949 to 1952, he undertook foreign exchange management and became a professional foreign exchange bank in China.

From 1949 to 1950, we actively stabilized financial prices and promoted the recovery of the national economy.

In January 1950, Premier Zhou Enlai issued an order to protect state assets and wait for the takeover to the Chinese garrison in Hong Kong.

In April 1950, the general management office of the Bank of China was under the leadership of the head office of the people's Bank of China.

From 1950 to 1952, we fought against blockades, embargoes and freezes to promote the development of foreign trade.

On October 27, 1953, the Administrative Council of the Central People's government promulgated the regulations on the Bank of China, which made it clear that the Bank of China is a specialized foreign exchange bank authorized by the Administrative Council of the Central People's Government of the people's Republic of China.

From 1964 to 1976, we strengthened the use of foreign exchange funds and supported the construction of ocean shipping fleet.

From 1968 to 1976, RMB was used for valuation and settlement to maintain the value of export foreign exchange. In 1973, we strengthened the research work and completed ten research topics assigned by Comrade Chen Yun on time.

In 1978, to meet the needs of reform and opening up, China created a credit card pioneer.

On March 13, 1979, the State Council approved and transmitted the people's Bank of China's request for instructions on reforming the banking system of China, and decided to expand the authority of the Bank of China, which is directly under the leadership of the State Council and managed by the people's Bank of China. The State Administration of foreign exchange was set up to authorize the administration of state foreign exchange. The Bank of China was set up separately from the people's Bank of China. The General Administration Office of the Bank of China was changed into the head office of the Bank of China. At the same time, the State Administration of foreign exchange was exercised

Chinese PinYin : Zhong Guo Yin Hang