How does the State Council direct the policies of the People's Bank of China?

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The Politicus
Aug 04, 2021 12:43 AM 0 Answers
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The People's Bank of China (PBC or PBOC; simplified Chinese: 中国人民银行;
traditional Chinese: 中國人民銀行; pinyin: Zhōngguó Rénmín Yínháng) is the
central bank of the People's Republic of China responsible for
carrying out monetary policy and regulation of financial institutions
in mainland China, as determined by People's Bank Law and Commercial
Bank Law. Valued at US$3.21 trillion,[1] the People's Bank of China
has had the largest financial asset holdings of any central bank in
the world since July 2017.[4][5] Though possessing a high degree of
independence by Chinese standards, it remains a cabinet-level
executive department of the State Council.[6]

https://en.wikipedia.org/wiki/People%27s_Bank_of_China

On the Wikipedia page, it says it has some independence, and the State Council has authority over it, but it's unclear if the State Council can direct its policies although in the same article it is stated that the State Council can appoint or remove the deputy governors of the PBC. How does the State Council direct the policies of the PBC? If it doesn't, what are the executive authorities the State Council has over the PBC aside appointing and removing deputy governors?

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  • August 4, 2021