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The People’s Bank of China (PBOC) is the central bank of the People’s Republic of China and has the power to control the monetary policy and supervision of financial institutions in mainland China. The bank was established on December 1, 1948. The headquarters was originally located in Shijiazhuang, Hebei, and then moved to Beijing in 1949. Since July 2017, the People’s Bank of China has the world’s largest financial assets.