The renminbi, also known as the Chinese yuan, is the official currency of the People's Republic of China. The renminbi is issued by the People's Bank of China, the monetary authority of China. It is the world's fifth-most-traded currency as of April 2022.
The Bank of China is a state-owned Chinese multinational banking and financial services corporation headquartered in Beijing, China. It is one of the "big four" banks in China. As of 31 December 2019, it was the second-largest lender in China overall and ninth-largest bank in the world by market capitalization value, and it is considered a systemically important bank by the Financial Stability Board. As of the end of 2020, it was the fourth-largest bank in the world in terms of total assets, ranked after the other three Chinese banks.
The China Construction Bank Corporation (CCB) is a Chinese state-owned multinational banking and financial services corporation headquartered in Beijing, China. It is one of the "big four" banks in China, and is the third largest bank in the world by total assets behind the Agricultural Bank of China and the Industrial and Commercial Bank of China. The bank has approximately 13,629 domestic branches. In addition, it maintains overseas branches in London, Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Santiago de Chile, Brisbane, Sydney and Auckland. Its total assets reached CN¥ 8.7 trillion in 2009, and it is considered a systemically important bank by the Financial Stability Board. Its headquarters is in Xicheng District.
Postal savings systems provide depositors who do not have access to banks a safe and convenient method to save money. Many nations have operated banking systems involving post offices to promote saving money among the poor.
The Industrial Bank Co., Ltd., officially Fujian Industrial Bank Joint-Stock Corporation, Limited, is a commercial bank based in Fuzhou, Fujian province of the People's Republic of China. In 2023, the company was ranked 60th in the Forbes Global 2000.
China Guangfa Bank is a commercial banking corporation headquartered in Guangzhou, People's Republic of China. The bank was established in September 1988 as Guangdong Development Bank. As CGB's largest shareholder, Citigroup has a 20% stake, while IBM holds 4.74%. China Life and State Grid each owns 20%, CITIC Trust, 12.85% and Puhua will hold the remaining 8% of the equity sold.
China Minsheng Bank is a significant Chinese bank, founded in 1996 by lawyer and businessman Jing Shuping. It was the first bank to be established with an ownership base of private sector shareholders, as part of Chinese economic reform led by Premier Zhu Rongji.
China's banking sector had CN¥417 trillion in assets at the end of 2023. The "Big Four" state-owned commercial banks are the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China, all of which are among the largest banks in the world as of 2018. Other notable big and also the largest banks in the world are China Merchants Bank and Ping An Bank.
China Merchants Bank (CMB) is a Chinese bank headquartered in Futian District, Shenzhen, Guangdong, China. Founded in 1987, it is the first share-holding commercial bank wholly owned by corporate legal entities in China. CMB listed on the Shanghai Stock Exchange in 2002 and the Hong Kong Stock Exchange in 2006.
Japan Post Bank Co., Ltd. is a Japanese bank headquartered in Tokyo. It is a corporation held by Japan Post Holdings, in which the government of Japan has a majority stake.
The 2008–09 Chinese economic stimulus plan was a RMB¥ 4 trillion stimulus package aiming to minimize the impact of the Great Recession on the economy of China. It was announced by the State Council of the People's Republic of China on 9 November 2008. The economic stimulus plan was seen as a success: While China's economic growth fell to almost 6% by the end of 2008, it had recovered to over 10% by in mid-2009. Critics of China's stimulus package have blamed it for causing a surge in Chinese debt since 2009, particularly among local governments and state-owned enterprises. The World Bank subsequently went on to recommend similar public works spending campaigns to western governments experiencing the effects of the Great Recession, but the US and EU instead decided to pursue long-term policies of quantitative easing.
Stellar, or Stellar Lumens (XLM) is an open-source, decentralized cryptocurrency protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.
A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
HTX, formerly known as Huobi, is a Seychelles-based cryptocurrency exchange. Founded in China,, HTX now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018, it became a publicly listed Hong Kong company.
The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency.
Li Guohua is a retired Chinese business executive who served as general manager of China Unicom from 2018 to 2022, chairman of the Postal Savings Bank of China from 2012 to 2018, and general manager of China Post from 2011 to 2018. He was investigated by China's top anti-graft agency in February 2022 and charged with bribery and abuse of power by the Intermediate People's Court of Qingdao in 2023.
The China Interbank Bond Market (CIBM) is the largest domestic bond market in China and, as of 2022, is the second-largest in the world, only trailing the United States bond market. The CIBM has over US$21.5 trillion in outstanding volume as of the end of 2022. The CIBM was formed in 1997 after the People's Bank of China (PBOC) mandated commercial banks to move their bond trading out of the stock exchanges and into an interbank market operating through an electronic trading system.
The China Foreign Exchange Trade System, also known as National Interbank Funding Center, is a financial market infrastructure and electronic trading platform in China, established in 1994 under the People's Bank of China (PBoC) and established in Shanghai. It provides a major trading platform and pricing center for renminbi and foreign exchange-related products. CFETS is the trading platform of the China Interbank Bond Market and participates in China's policy of internationalization of the renminbi. It is supervised by the PBoC.
The Bank of Tibet is a joint-stock commercial bank located in Lhasa, Tibet Autonomous Region, People's Republic of China.
