The Chinese’s banking system is under state management. The People's Bank of China is the vital economic institution, and it issues all currency of the country. It also controls China's international accounts and foreign currency arrangements. Its international name is the Bank
The Chinese’s banking system is under state management. The People's Bank of China is the vital economic institution, and it issues all currency of the country. It also controls China's international accounts and foreign currency arrangements. Its international name is the Bank of China, which currently has over 500 foreign branches around the world.
Additionally, China has four other main banks:
- The Agricultural Bank of China: Responsible for making financial credit to the rural sector.
- The Bank of Communications of China: An entire commercial bank.
- The Industrial and Commercial Bank of China: Manages industrial and commercial credits, and international businesses.
- The People's Construction Bank of China: Deals with funds for basic construction.
The China International Trust and Investment Corporation controls funds for investment in China and facilitates cooperative projects inside the country and abroad. There are two stock exchanges in mainland China: Shanghai and Shenzhen. There is also another stock exchange in Hong Kong (the second largest stock exchange in Asia, just behind Tokyo) but it has his own management because it is on a special administrative region.
Currently, great reforms affected positively to the banking sector of China, which include the significant increase of the function of the People's Bank of China and the establishment of new commercial banks. Several main international banks and insurance companies have opened offices in China today, and foreign involvement in China’s banking, insurance, and financial services is estimated to ascend more this decade.
Banks in most important Chinese cities are usually open for economic transactions from Monday to Friday, approximately 9am-12pm and 2-5pm, but sometimes are possible to find some banks opened on Saturday or Sunday mornings.
All banks in China are closed for the first three days of the Chinese New Year, with reduced hours for the next eleven days.
In Hong Kong and Macau, banks are normally open Monday-Friday 9am-4.00pm and Saturday 9am-12.00pm.