Legal basis: China People's Bank Law of the People's Republic of China.
Article 1 This Law is formulated for the purpose of establishing the position and responsibilities of the People's Bank of China, ensuring the correct formulation and implementation of the national monetary policy, establishing and perfecting the macro-control system of the central bank, and strengthening the supervision and management of the financial industry.
Article 2 The People's Bank of China is the central bank of People's Republic of China (PRC). The People's Bank of China, under the leadership of the State Council, formulates and implements monetary policies, and supervises and manages the financial industry.
Banking Supervision Law of the People's Republic of China
Article 1 This Law is formulated for the purpose of strengthening banking supervision and management, standardizing supervision and management behaviors, preventing and defusing banking risks, protecting the legitimate rights and interests of depositors and other customers, and promoting the healthy development of the banking industry.
Article 2 the State Council Banking Regulatory Authority is responsible for the supervision and management of banking financial institutions and their business activities throughout the country. The banking financial institutions mentioned in this Law refer to commercial banks, urban credit cooperatives, rural credit cooperatives and other financial institutions and policy banks established in People's Republic of China (PRC) to absorb public deposits. The provisions of this Law on the supervision and management of banking financial institutions shall apply to the supervision and management of financial asset management companies, trust and investment companies, finance companies, financial leasing companies and other financial institutions established with the approval of the banking regulatory authority of the State Council. The State Council banking supervision institutions shall, in accordance with the relevant provisions of this Law, supervise and manage the overseas business activities of financial institutions established with their approval and those specified in the preceding two paragraphs.