Central Bank of the Republic of China (Taiwan)

The Central Bank of the Republic of China (), formerly the Central Bank of China from 1924 to 2007 and still referred to by its acronym CBC, is the central bank of Taiwan, headquartered in Taipei. Established in 1924 in Guangzhou, the bank relocated to Taiwan after the Chinese Civil War and assumed control over banknote issuance 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.

History

Mainland China (1924-1949)

The CBC was originally proposed in 1923 by Sun Yat-sen's Army and Navy Marshal stronghold of the Republic of China and was established in Guangzhou a year later, serving the Nationalist government from 1925. Following the success of the Northern Expedition, the CBC relocated to Shanghai and its head T. V. Soong negotiated a division of labor with the Bank of China in 1928 that refocused the latter on foreign-exchange operations. It was subsequently one of China's "Big Four" national banks, along with the Bank of China, Bank of Communications, and Farmers Bank of China, all of which were major banks of issue.

In 1932, the CBC lost jurisdiction over Northeast China to the Central Bank of Manchou in Changchun. Its role in the rest of the country was reinforced in the mid-1930s when the Nationalist government gave it a monopoly over note issuance, as part of a broader monetary overhaul that included the abandonment of China's prior silver standard. That reform was initially successful, but the CBC - together with the Nationalist government - soon lost control over parts of North China to the Mengjiang Bank in Kalgan and the United Reserve Bank in Peiping, then over central-eastern China to the Huaxing Commercial Bank then the Central Reserve Bank in Shanghai and Nanjing. In 1937-1938 it relocated to Wuhan, then Chongqing together with the government. In late July 1942, it was granted a monopoly over currency issuance in the territorial area controlled by the Nationalist government.

In 1945, the CBC recovered its Shanghai head office and its nationwide role, but soon had to face the circumstances of the Chinese Civil War and moved together with the government back to Guangzhou, Chongqing, and Chengdu before completing the journey to Taiwan in late 1949. Its archives were lost in the wreckage of the Taiping, which added difficulty to the resumption of its operations in Taiwan.

Taiwan (since 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 the 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 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

№NameTerm of office DaysCabinet Governor of CBC (Guangzhou) 1T. V. Soong (宋子文) 15 August 1924 February 1928 Governor of CBC 1T. V. Soong (宋子文) February 1928 December 1931 February 1932 6 April 1933 2H. H. Kung (孔祥熙) 6 April 1933 26 July 1945 3Yu Hung-chun (俞鴻鈞) 26 July 1945 6 February 1946 4Tsuyee Pei (貝祖貽) 6 February 1946 28 February 1947 5Chang Kia-ngau (張嘉璈) 1 March 1947 21 May 1948 Zhang Qun 6 Yu Hung-chun (俞鴻鈞) 21 May 1948 19 January 1949 Weng WenhaoSun Fo 7 (劉攻芸) 19 January 1949 24 June 1949 Sun FoHe YingqinYan Xishan 8 (徐堪) 24 June 1949 5 October 1949 Yan Xishan 9 Yu Hung-chun (俞鴻鈞) 26 January 1950 1 June 1960 Yan XishanChen Cheng IYu Hung-chunChen Cheng II 10 (徐柏園) 27 July 1960 29 April 1969 Chen Cheng IIYen Chia-kan 11 Yu Kuo-hwa (俞國華) 25 June 1969 30 May 1984 Yen Chia-kanChiang Ching-kuoSun Yun-suanYu Kuo-hua 12 (張繼正) 21 June 1984 June 1989 Yu Kuo-huaLee Huan 13 Hsieh Sam-chung (謝森中) June 1989 May 1994 Lee HuanHau Pei-tsunLien Chan 14 Liang Kuo-shu (梁國樹) 1 June 1994 20 March 1995 Lien Chan 15 Sheu Yuan-dong (許遠東) 20 March 1995 16 February 1998 Lien ChanVincent Siew 16 Perng Fai-nan (彭淮南) 25 February 1998 26 February 2018 Vincent SiewTang FeiChang Chun-hsiung IYu Shyi-kunFrank HsiehSu Tseng-chang IChang Chun-hsiung IILiu Chao-shiuanWu Den-yihSean ChenJiang Yi-huahMao Chi-kuoChang San-chengLin ChuanWilliam Lai 17 Yang Chin-long (楊金龍) 26 February 2018 Incumbent William LaiSu Tseng-chang IIChen Chien-jen

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

Central Bank of the Republic of China (Taiwan)

Bron en licentie