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:
“When life has been well spent, age is a loss of what it can well spare,—muscular strength, organic instincts, gross bulk, and works that belong to these. But the central wisdom, which was old in infancy, is young in fourscore years, and dropping off obstructions, leaves in happy subjects the mind purified and wise.”
—Ralph Waldo Emerson (1803–1882)
“A self is, by its very essence, a being with a past. One must look lengthwise backwards in the stream of time in order to see the self, or its shadow, now moving with the stream, now eddying in the currents from bank to bank of its channel, and now strenuously straining onwards in the pursuit of its chosen good.”
—Josiah Royce (1855–1916)
“I have always considered it as treason against the great republic of human nature, to make any man’s virtues the means of deceiving him.”
—Samuel Johnson (1709–1784)
“It all ended with the circuslike whump of a monstrous box on the ear with which I knocked down the traitress who rolled up in a ball where she had collapsed, her eyes glistening at me through her spread fingers—all in all quite flattered, I think. Automatically, I searched for something to throw at her, saw the china sugar bowl I had given her for Easter, took the thing under my arm and went out, slamming the door.”
—Vladimir Nabokov (1899–1977)