Central Bank of the Republic of China (Taiwan)
中央銀行
HeadquartersZhongzheng, Taipei
Established1924 (in Guangzhou)
1928 (in Shanghai)
1949 (in Taipei)
OwnershipExecutive Yuan of the Central Government of the ROC[1]
GovernorYang Chin-long
Central bank of Republic of China (Taiwan)
CurrencyNew Taiwan Dollar
TWD (ISO 4217)
Bank rate1.5% (22 May 2016)
Succeeded byPeople's Bank of China (on the mainland)
Websitecbc.gov.tw (in English)
Central Bank
Traditional Chinese中央銀行
Simplified Chinese中央银行

The Central Bank of the Republic of China (Taiwan) (CBC),[2][3] known in English from 1924 to 2007 as the Central Bank of China,[4] is the central bank of the Republic of China. It was founded in 1924 in Guangzhou, acted as the central for Mainland China until 1949 when it relocated to Taiwan.[5] It took over banknote issuance on the island from the Bank of Taiwan in 1961.

Its legal and common name in Chinese is literally translated as the "Central Bank". The central bank is administered under the Executive Yuan of the ROC government.[6]

History

Mainland China

Central Bank of China headquarter in Guangzhou, Guangdong (1924-1927).
Former Russo-Chinese Bank Building on the Bund, the Central Bank of China headquarters in Shanghai from 1928 to 1949

The bank was originally proposed in 1923 by Sun Yat-sen's administration in Guangzhou, and was established a year later under the name Central Bank of China. Following the success of the Northern Expedition, the Central Bank took over the role of the central bank for China from the Bank of China in 1928, with its headquarters in Shanghai. Before 1949, it was one of China's "Big Four" national banks, along with the Bank of China, Bank of Communications, and Farmers Bank of China.

Taiwan

The CBC's operations were scattered across various locations in Taipei until moving into its present headquarters (white buildings) in the 1970s

After World War II, Taiwan was retroceded to the Republic of China in 1945, and the Central Bank of China was moved along with the government to Taiwan after losing mainland China in the Chinese Civil War by the Kuomintang (KMT) and its subsequent retreat to Taiwan in December 1949. While the CBC was the island’s central bank from 1949, the Bank of Taiwan, a commercial bank founded in 1897 during Japanese colonial rule, kept issuing banknotes until the CBC assumed that role in 1961. On 8 November 1979, the newly revised Central Bank of China Act was promulgated. The Bank of Taiwan issued the New Taiwan dollar until 2000 when the Central Bank of China finally took over the task. In 2007 the English name of the Central Bank of China was renamed Central Bank of the Republic of China (Taiwan) along with a host of other renamings under the Chen Shui-bian administration of state-owned corporations with "China" in their name, such as the Chunghwa Post.

Organizational structure

Department of Banking
Department of the Treasury
  • Department of Banking
  • Department of Issuing
  • Department of Foreign Exchange
  • Department of the Treasury
  • Department of Financial Inspection
  • Department of Economic Research
  • Secretariat
  • Department of Accounting
  • Department of Information Management
  • Personnel Office
  • Ethics Office
  • Legal Affairs Office
  • New York City Representative Office
  • London Representative Office

List of governors

№ Name Term of office Days Cabinet
Governor of CBC (Guangzhou)
1 T. V. Soong (宋子文) 15 August 1924February 1928
Governor of CBC
1 T. V. Soong (宋子文) February 1928December 1931
February 19326 April 1933
2 H. H. Kung (孔祥熙) 6 April 193326 July 19454494
3 Yu Hung-chun (俞鴻鈞) 26 July 19456 February 1946195
4 Tsuyee Pei (貝祖貽) 6 February 194628 February 1947387
5 Chang Kia-ngau (張嘉璈) 1 March 194721 May 1948447 Zhang Qun
6 Yu Hung-chun (俞鴻鈞) 21 May 194819 January 1949243 Weng Wenhao
Sun Fo
7 Liu Kung-yun (劉攻芸) 19 January 194924 June 1949156 Sun Fo
He Yingqin
Yan Xishan
8 Hsu Kan (徐堪) 24 June 19495 October 19491199 Yan Xishan
9 Yu Hung-chun (俞鴻鈞) 26 January 19501 June 1960[7]3779 Yan Xishan
Chen Cheng I
Yu Hung-chun
Chen Cheng II
10 Hsu Po-yuan (徐柏園) 27 July 196029 April 19693198 Chen Cheng II
Yen Chia-kan
11 Yu Kuo-hwa (俞國華) 25 June 196930 May 19845453 Yen Chia-kan
Chiang Ching-kuo
Sun Yun-suan
Yu Kuo-hua
12 Chang Chi-cheng (張繼正) 21 June 1984June 1989 Yu Kuo-hua
Lee Huan
13 Hsieh Sam-chung (謝森中) June 1989May 1994 Lee Huan
Hau Pei-tsun
Lien Chan
14 Liang Kuo-shu (梁國樹) 1 June 199420 March 1995 Lien Chan
15 Sheu Yuan-dong (許遠東) 20 March 199516 February 1998[7]1064 Lien Chan
Vincent Siew
16 Perng Fai-nan (彭淮南) 25 February 199826 February 2018[8]7306 Vincent Siew
Tang Fei
Chang Chun-hsiung I
Yu Shyi-kun
Frank Hsieh
Su Tseng-chang I
Chang Chun-hsiung II
Liu Chao-shiuan
Wu Den-yih
Sean Chen
Jiang Yi-huah
Mao Chi-kuo
Chang San-cheng
Lin Chuan
William Lai
17 Yang Chin-long (楊金龍) 26 February 2018Incumbent2146 William Lai
Su Tseng-chang II
Chen Chien-jen

Access

The headquarters building is accessible within walking distance northwest from Chiang Kai-shek Memorial Hall MRT station of the Taipei Metro.

See also

References

  1. ↑ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ↑ Welcome to the Central Bank of the Republic of China
  3. ↑ "Central bank latest to drop 'China' label". Taipei Times. 11 Feb 2007. p. 1.
  4. ↑ Introduction to the Central Bank of the Republic of China Archived November 28, 2007, at the Wayback Machine (in English)
  5. ↑ "Central Bank of China changes English name". The China Post. 2007-02-11. Retrieved 2007-02-12.
  6. ↑ The Law of the Central Bank, 中央銀行法 Archived December 28, 2007, at the Wayback Machine (in Chinese) (Central Bank Law)
  7. 1 2 Died in office.
  8. ↑ Longest-serving governor.
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