The People's Bank of China (PBOC) is the central bank of the People's Republic of China. Established in 1948, it is responsible for implementing monetary policy, regulating financial institutions, and maintaining the stability of the national currency, the Renminbi. The PBOC plays a crucial role in managing inflation and fostering economic growth. In addition to its monetary policy functions, the PBOC oversees the country's payment systems and foreign exchange reserves. It also works to ensure financial stability and prevent systemic risks within the banking sector. The bank's policies significantly influence both the domestic and global economies.