On The Legal Status Of The People's Bank Of China

More than 300 years has past, since the born of central banking system. During these years, central banking system of each country made significant changes continuously. from the later 20th century up to now, at least 50 countries underwent leagl reforms to change their central banks'legal position, and then development tendencies of central banking system emerged on international scale.Firstly, In the process of researching, scholars has reached common sense in widerpread: it is necessary to enhance the position of central bank in a country's legal structure. From the foundation of the People's Bank of China up to now, the independence of People's Bank of China(PBC) is enchanced continously. But it still need more improvement. Secondly , transparency enhancement is recongnized as a key point by many countries. In 1999, the International Monetary Fund Organization promulgated Code of Good Practices on Transparency in Monetary and Financial Policies: Declaration of Principles (the Code). The Code supplies directive suggestion to countries to improve the transparency condition of monetary and financial policies. The PBC itself has fully recognized the importance of transparency, draw lesson from foreign nations' good practices and be engaged in enhancing PBC's transparency in the light of the Code. Thirdly, financial supervision is a very important point in the national economy, to peel off financial supervision function of central bank is a major tendency. Before 1998, PBC's financial supervision model unified one. After that year, its function of banking supervision was peeled off. Banking Supervision and Regulation Organization was then founded in 2003.