1. The People's Bank of China is the central bank of People's Republic of China (PRC). The People's Bank of China, under the leadership of the State Council, formulated and implemented monetary policies to prevent and resolve financial risks and maintain financial stability.
2. The People's Bank of China shall submit a report on monetary policy and financial supervision to the NPC Standing Committee.
3. Decisions made by the People's Bank of China on the annual money supply, interest rate, exchange rate and other important matters stipulated by the State Council shall be implemented after being approved by the State Council. The People's Bank of China shall, after making decisions on other monetary policy matters, implement them and report them to the State Council for the record.
4. The People's Bank of China, under the leadership of the State Council, independently implements monetary policy, performs its duties and conducts business, and is relatively independent without interference from local governments, government departments at all levels, social organizations and individuals.
5. The People's Bank of China implements the president responsibility system. Presidential candidates are nominated by Premier the State Council and decided by the National People's Congress; When the National People's Congress is not in session, it shall be decided by the NPC Standing Committee and appointed and removed by the people of China and president. Vice President of the State is appointed and removed by Premier the State Council.
6. The People's Bank of China implements an independent financial budget management system. However, laws, administrative regulations and the unified national financial accounting system must be implemented, and the audit supervision of the State Council audit institutions and financial departments must be accepted according to law.