The People's Bank of China (PBC) is the central bank of People's Republic of China (PRC) and a department of the State Council, with the ministerial level of194812.081. On the basis of North China Bank, Beihai Bank and Northwest Farmers Bank, the People's Bank of China was merged. 1September, 983, the State Council decided that the People's Bank of China should exclusively exercise the functions of the national central bank of China. 1995 March 18, the third session of the Eighth National People's Congress passed the Law of the People's Republic of China on the People's Bank of China. So far, the People's Bank of China has been legally established as the central bank.