Central Bank of the Republic of China (Taiwan)

This article is about the monetary authority in Taiwan. For the central bank of Mainland China, see People's Bank of China. For the commercial bank, see Bank of China.

Central Bank of the Republic of China (Taiwan)
中央銀行

CBC headquarters; before moving there in the 1970s, the CBC's operations were scattered across various locations in Taipei
Headquarters	Zhongzheng, Taipei
Established	1924 (in Guangzhou) 1928 (in Shanghai) 1949 (in Taipei)
Ownership	Executive Yuan of the Central Government of the ROC
Governor	Yang Chin-long
Central bank of	Republic of China (Taiwan)
Currency	New Taiwan Dollar TWD (ISO 4217)
Bank rate	2.0% (13 June 2024)
Succeeded by	People's Bank of China (on the mainland)
Website	cbc.gov.tw (in English)

Central Bank
Traditional Chinese	中央銀行
Simplified Chinese	中央银行
Transcriptions Standard Mandarin Hanyu Pinyin Zhōngyāng Yínháng Bopomofo ㄓㄨㄥ ㄧㄤ ㄧㄣˊ ㄏㄤˊ Gwoyeu Romatzyh Jong'iang Ynharng Wade–Giles Chung¹-yang¹ In²-Hang² Tongyong Pinyin Jhongyang Yínháng MPS2 Jūngyāng Yínháng Hakka Pha̍k-fa-sṳ Tûng-ông Ngiùn-hòng Southern Min Hokkien POJ Tiong-iang-gîn-hâng Tiong-iong-gûn-hâng

The Central Bank of the Republic of China (Taiwan), known from 1924 to 2007 as the Central Bank of China and still referred to under the acronym CBC, is the central bank of the Republic of China.

Originally founded in 1924 in Guangzhou, the CBC was expelled from Mainland China by the Chinese Communist Revolution in 1949 and relocated to Taiwan. It took over banknote issuance on the island from the Bank of Taiwan in 1961.

Its legal and common name in Chinese is literally translated as the "Central Bank". The central bank is administered under the Executive Yuan of the ROC government.

History

Mainland China (1924-1949)

Central Bank of China headquarters between 1924 and 1927 in Guangzhou, Guangdong

Central Bank of China headquarters between 1928 and 1949 in Shanghai, former Russo-Chinese Bank Building on the Bund

Former branch of the Central Bank of China on West Jiaomin Lane in Beijing

A building on the former site of the (demolished) CBC building in Chongqing

The CBC was originally proposed in 1923 by Sun Yat-sen's Army and Navy Marshal stronghold of the Republic of China and was established in Guangzhou a year later, serving the Nationalist government from 1925. Following the success of the Northern Expedition, the CBC relocated to Shanghai and its head T. V. Soong negotiated a division of labor with the Bank of China in 1928 that refocused the latter on foreign-exchange operations. It was subsequently one of China's "Big Four" national banks, along with the Bank of China, Bank of Communications, and Farmers Bank of China.

With the turmoil of the 1930s, the CBC lost jurisdiction over Northeast China to the Central Bank of Manchou in Changchun, then over parts of North China to the Mengjiang Bank in Zhangjiakou, over the territory of the Provisional Government of the ROC to the United Reserve Bank of China in Beijing, and eventually over the full territory run by the Wang Jingwei regime to the Central Reserve Bank of China in Nanjing. In 1937-1938 it relocated to Wuhan, then Chongqing together with the Nationalist government. In 1945, the CBC recovered its Shanghai head office and its nationwide role, but soon had to face the circumstances of the Chinese Civil War and moved together with the government back to Guangzhou, Chongqing, and Chengdu before completing the journey to Taiwan in late 1949. Its archives were lost in the wreckage of the Taiping, which severely undermined the resumption of its operations in Taiwan.

Taiwan (since 1949)

While the CBC was the island’s central bank from 1949, the Bank of Taiwan, a commercial bank founded in 1897 during Japanese colonial rule, kept issuing banknotes until the CBC assumed that role in 1961. On 8 November 1979, the newly revised Central Bank of China Act was promulgated. The Bank of Taiwan issued the New Taiwan dollar until 2000 when the Central Bank of China finally took over the task. In 2007 the English name of the Central Bank of China was renamed the Central Bank of the Republic of China (Taiwan) along with a host of other renamings under the Chen Shui-bian administration of state-owned corporations with "China" in their name, such as the Chunghwa Post.

Organizational structure

Entrance to the CBC Department of Banking

Entrance to the CBC Department of the Treasury

• Department of Banking
• Department of Issuing
• Department of Foreign Exchange
• Department of the Treasury
• Department of Financial Inspection
• Department of Economic Research
• Secretariat
• Department of Accounting
• Department of Information Management
• Personnel Office
• Ethics Office
• Legal Affairs Office
• New York City Representative Office
• London Representative Office

List of governors

№	Name	Term of office		Days	Cabinet
Governor of CBC (Guangzhou)
1	T. V. Soong (宋子文)	15 August 1924	February 1928
Governor of CBC
1	T. V. Soong (宋子文)	February 1928	December 1931
		February 1932	6 April 1933
2	H. H. Kung (孔祥熙)	6 April 1933	26 July 1945	4494
3	Yu Hung-chun (俞鴻鈞)	26 July 1945	6 February 1946	195
4	Tsuyee Pei (貝祖貽)	6 February 1946	28 February 1947	387
5	Chang Kia-ngau (張嘉璈)	1 March 1947	21 May 1948	447	Zhang Qun
6	Yu Hung-chun (俞鴻鈞)	21 May 1948	19 January 1949	243	Weng Wenhao Sun Fo
7	Liu Kung-yun (劉攻芸)	19 January 1949	24 June 1949	156	Sun Fo He Yingqin Yan Xishan
8	Hsu Kan (徐堪)	24 June 1949	5 October 1949	1199	Yan Xishan
9	Yu Hung-chun (俞鴻鈞)	26 January 1950	1 June 1960	3779	Yan Xishan Chen Cheng I Yu Hung-chun Chen Cheng II
10	Hsu Po-yuan (徐柏園)	27 July 1960	29 April 1969	3198	Chen Cheng II Yen Chia-kan
11	Yu Kuo-hwa (俞國華)	25 June 1969	30 May 1984	5453	Yen Chia-kan Chiang Ching-kuo Sun Yun-suan Yu Kuo-hua
12	Chang Chi-cheng (張繼正)	21 June 1984	June 1989		Yu Kuo-hua Lee Huan
13	Hsieh Sam-chung (謝森中)	June 1989	May 1994		Lee Huan Hau Pei-tsun Lien Chan
14	Liang Kuo-shu (梁國樹)	1 June 1994	20 March 1995		Lien Chan
15	Sheu Yuan-dong (許遠東)	20 March 1995	16 February 1998	1064	Lien Chan Vincent Siew
16	Perng Fai-nan (彭淮南)	25 February 1998	26 February 2018	7306	Vincent Siew Tang Fei Chang Chun-hsiung I Yu Shyi-kun Frank Hsieh Su Tseng-chang I Chang Chun-hsiung II Liu Chao-shiuan Wu Den-yih Sean Chen Jiang Yi-huah Mao Chi-kuo Chang San-cheng Lin Chuan William Lai
17	Yang Chin-long (楊金龍)	26 February 2018	Incumbent	2448	William Lai Su Tseng-chang II Chen Chien-jen

Access

The headquarters building is accessible within walking distance northwest from Chiang Kai-shek Memorial Hall MRT station of the Taipei Metro.

See also

• Central Mint
• Central Engraving and Printing Plant
• Economy of Taiwan
• List of central banks

External links

• Central Bank of the Republic of China on Facebook