The People's Bank of China shall perform the following functions:(1) to formulate and implement monetary policies in accordance with law;(2)to issue Renminbi(RMB) and control its circulation;(3)to examine, grant approval to, supervise and administer banking institutions in accordance with regulations;(4)to supervise and control the financial market in accordance with regulations;(5)to promulgate orders, rules and regulations concerning financial supervision and control and business operation;(6)to hold,administer and manage the State foreign exchange reserve and gold reserve;(7)to manage the State Treasury;(8)to maintain the normal operation of the systems for making payments and settling accounts;(9)to be responsible for statistics, investigation, analysis and forecasting concerning the banking industry;(10)to engage in relevant international banking operations in its capacity as the central bank of the State;(11)other functions prescribed by the State Council.

(Lawyer Wu Yingjie)