The Central Bank of the Republic of China (Taiwan), known in English from 1924 to 2007 as the Central Bank of China, is the central bank of the Republic of China, commonly known as Taiwan. 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.
The bank was originally established in 1924 under Sun Yat-sen's administration in Guangzhou. Following the success of the Northern Expedition, the Central Bank took over the role of central bank for China from the Bank of China in 1928, with its headquarters in Shanghai. Before 1949, it was one of China's "Big Four" national banks, along with the Bank of China, Bank of Communications, and Farmers Bank of China.
After the loss of mainland China in the Chinese Civil War by the Kuomintang (KMT) and its subsequent retreat to Taiwan in 1949, the Central Bank of China also moved along with the government to Taiwan. Until it was re-established as central bank in 1961, the Bank of Taiwan acted as the de facto central bank in Taiwan. The Bank of Taiwan issued the New Taiwan dollar until 2000, when the Central Bank of China finally took over the task. In 2000 the English name of the Central Bank of China was renamed "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.
Famous quotes containing the words central, bank, republic and/or china:
“Parental attitudes have greater correlation with pupil achievement than material home circumstances or variations in school and classroom organization, instructional materials, and particular teaching practices.”
—Children and Their Primary Schools, vol. 1, ch. 3, Central Advisory Council for Education, London (1967)
“When she could hide him no longer she got a papyrus basket for him, and plastered it with bitumen and pitch; she put the child in it and placed it among the reeds on the bank of the river.”
—Bible: Hebrew, Exodus 2:3.
“Who is this Renaissance? Where did he come from? Who gave him permission to cram the Republic with his execrable daubs?”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“Consider the China pride and stagnant self-complacency of mankind. This generation inclines a little to congratulate itself on being the last of an illustrious line; and in Boston and London and Paris and Rome, thinking of its long descent, it speaks of its progress in art and science and literature with satisfaction.... It is the good Adam contemplating his own virtue.”
—Henry David Thoreau (1817–1862)