|Formerly known as the Ta-Ching (Qing Empire) Govermnet Bank, Bank of China, the oldest bank in China, was established in February, 1912. Its function had been changed for three times during the past 37 years from 1912 to 1949. From 1912 to 1928, the bank acted as the central bank; In 1928, the bank was specially approved to be an international remittance bank; in 1942, the bank became a special bank handling international trade.|
With the founding of the People's Republic of China in 1949, the government took over Bank of China and the bank head office was moved from Shanghai to Beijing in December of the same year.On Oct. 27, 1953, the central government decreed 'Regulations of Bank of China' in which Bank of China is clearly defined as a bank approved by the State Council of P.R.C. specialized in foreign exchange.
With the approval of the State Council on March 13, 1979, Bank of China became an direct institution under the State Council, was liable of exclusive handling and centralized managing China's foreign exchange. In September 1983, the State Council decided that the People's Bank of China took the role of central bank, Bank of China and the State Administration Bureau of Foreign Exchange were separated. The function of Bank of China exclusively handling foreign exchange for the state remained unchanged. Bank of China, hence, became a national bank specialized in foreign exchange and foreign trade under the supervision of the People's Bank of China.
With the deepening of economic and financial reforms in China, from 1994, owing to its active transition to national commercial bank, Bank of China supported by its strong strength and well-known prestige has become one of the leading banks in the world.
Bank of China has a total asset of RMB 2,903.922 billion by the end of 1999 and has realized a pre-tax profit of RMB 6.603 billion in 1999. Now, the bank has 14,369 domestic institutions and 557 overseas institutions and has a global net for financial services.
Bank of China has issued National Currency from 1912-1942, and Foreign Exchange Certificate in 1979 and 1990.