Bank of China

Bank of China Limited (simplified Chinese: 中国银行; traditional Chinese: 中國銀行; pinyin: Zhōngguó Yínháng; often abbreviated as 中銀 (in Hong Kong) or 中行 (in mainland)) is one of the 5 biggest state-owned commercial banks in China.

It was founded in 1912 by the Republican government to replace the Imperial Bank of China. It is the oldest bank in mainland China still in existence. From its establishment until 1942, it issued banknotes on behalf of the Government along with the "Big Four" banks of the period: the Farmers Bank of China, Bank of Communications and Central Bank of the Republic of China. Its headquarters are in Xicheng District, Beijing.

As of 31 December 2009, it was the second largest lender in China overall, and the 5th largest bank in the world by market capitalization value. As of 30 June 2015, it has the third highest proportion of interest payable of Chinese companies.

History

The Bank of China's history began in 1905, when the Qing government established Daqing Hubu Bank (in Chinese: 大清户部銀行) in Beijing, which was in 1908 renamed to Daqing Bank (in Chinese: 大清銀行). When the Republic of China was established in 1912, it was further renamed as Bank of China by President Sun Yat-sen's government, adding a new role of the central bank.

China

China, officially the People's Republic of China (PRC), is a sovereign state in East Asia. It is the world's most populous country, with a population of over 1.35 billion. The PRC is a one-party state governed by the Communist Party, with its seat of government in the capital city of Beijing. It exercises jurisdiction over 22 provinces; five autonomous regions; four direct-controlled municipalities (Beijing, Tianjin, Shanghai and Chongqing); two mostly self-governing special administrative regions (Hong Kong and Macau); and claims sovereignty over Taiwan.

Covering approximately 9.6 million square kilometers, China is the world's second-largest country by land area, and either the third or fourth-largest by total area, depending on the method of measurement. China's landscape is vast and diverse, ranging from forest steppes and the Gobi and Taklamakan deserts in the arid north to subtropical forests in the wetter south. The Himalaya, Karakoram, Pamir and Tian Shan mountain ranges separate China from South and Central Asia. The Yangtze and Yellow Rivers, the third- and sixth-longest in the world, run from the Tibetan Plateau to the densely populated eastern seaboard. China's coastline along the Pacific Ocean is 14,500 kilometres (9,000 mi) long, and is bounded by the Bohai, Yellow, East and South China Seas.

Hong Kong

Hong Kong (香港; "Fragrant Harbour"), officially Hong Kong Special Administrative Region of the People's Republic of China, is an autonomous territory on the southern coast of China at the Pearl River Estuary and the South China Sea. Hong Kong is known for its skyline and deep natural harbour. It has a land area of 1104 km² and shares its northern border with Guangdong Province of Mainland China. With around 7.2 million inhabitants of various nationalities, Hong Kong is one of the world's most densely populated metropolises.

After the First Opium War (1839–42), Hong Kong became a British colony with the perpetual cession of Hong Kong Island, followed by Kowloon Peninsula in 1860 and a 99-year lease of the New Territories from 1898. Hong Kong remained under British control for about a century until the Second World War, when Japan occupied the colony from December 1941 to August 1945. After the Surrender of Japan, the British resumed control. In the 1980s, negotiations between the United Kingdom and the China resulted in the 1984 Sino-British Joint Declaration, which provided for the transfer of sovereignty of Hong Kong on 30 June 1997. The territory became a special administrative region of China with a high degree of autonomy on 1 July 1997 under the principle of one country, two systems. Disputes over the perceived misapplication of this principle have contributed to popular protests, including the 2014 Umbrella Revolution.

Bank of China Tower

Bank of China Tower may refer to:

See also

Bank

A bank is a financial institution that creates credit by lending money to a borrower, thereby creating a corresponding deposit on the bank's balance sheet. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial system and influence on national economies, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.

Banking in its modern sense evolved in the 14th century in the rich cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties — notably, the Medicis, the Fuggers, the Welsers, the Berenbergs and the Rothschilds — have played a central role over many centuries. The oldest existing retail bank is Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.