China’s Central Bank Revamps Regional Offices in Key Overhaul

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The People’s Bank of China (PBOC) Tuesday officially rebranded its 190 county-level branches as county offices with reduced business operations

China’s central bank has significantly downsized its regional operations as part of a sweeping overhaul of the country’s financial regulatory system unveiled early last year.

The People’s Bank of China (PBOC) Tuesday officially rebranded its 190 county-level branches as county offices with reduced business operations. Previously, the central bank operated 1,761 county branches, according to the bank’s 2022 annual report.

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China’s central bank, the PBOC, downsized from 1,761 to 190 county offices, shifting functions to city-level branches and personnel to the NFRA.
The overhaul is part of a broad financial regulatory restructuring plan, creating the NFRA to oversee all but securities sectors.
PBOC also reorganized its regional branches into provincial-level branches across 31 regions, aiming for more targeted monetary policy.

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Who’s Who

Australia and New Zealand Banking Group Ltd.: Australia and New Zealand Banking Group Ltd. (ANZ) stated in a 2013 research report that the restructuring of China's PBOC regional branches, which now includes provincial-level branches, suggests future monetary policy will be more targeted and specific to each region. In 1998, China merged its PBOC provincial branches into nine regional agencies to prevent local government interference in monetary policy decisions.

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What Happened When

Early 2023：: Sweeping overhaul of China’s financial regulatory system unveiled.

2023：: According to the restructuring plan, some county-level PBOC offices are retained in regions with high volumes of cross-border trade and foreign exchange settlements.

March 2023：: Government restructuring plan approved during the annual legislative meeting. Included shakeup of financial regulatory system and creation of NFRA.