According to the provisions of the State Council's institutional reform plan deliberated and adopted by the Tenth National People's Congress, the supervision function of the People's Bank of China on banks, financial asset management companies, trust and investment companies and other deposit-taking financial institutions was separated and integrated with the relevant functions of the Central Financial Working Committee, and the China Banking Regulatory Commission was established.
With the continuous improvement of the socialist market economic system, the People's Bank of China, as the central bank, will play a more prominent role in the macro-control system. After the People's Bank of China no longer undertakes the above-mentioned regulatory functions, it will, under the leadership of the State Council, strengthen the function of formulating and implementing monetary policies, give better play to the role of monetary policies in macro-control and preventing and resolving financial risks, and further improve financial services. The People's Bank of China independently performs the following duties according to law: formulating and implementing monetary policies; Issue RMB and manage the circulation of RMB; Supervise the money market, foreign exchange market and gold market; Implement foreign exchange management, and hold, manage and operate the national foreign exchange reserves and gold reserves; Manager's vault; Maintain the normal operation of the payment and settlement system; Responsible for formulating and summarizing the comprehensive statistical system of the financial industry, and making macroeconomic analysis and forecast; Carry out relevant international financial activities.