The People's Bank of China Law is a legal framework that governs the operations and responsibilities of the People's Bank of China, which is the central bank of the country. Established in 1995, the law outlines the bank's role in formulating and implementing monetary policy, maintaining financial stability, and regulating the banking sector. This law also grants the People's Bank of China the authority to manage foreign exchange and oversee payment systems. It aims to ensure that the central bank operates independently while being accountable to the State Council and the National People's Congress for its actions and policies.