Bank of China
One of China’s four largest state-owned commercial banks. It maintains close relations with the People’s Bank of China in management, administration and cooperation across several areas.
Related terms
Central Bank
The monetary authority of a country, such as the Federal Reserve or European Central Bank, with special authority to issue government-backed currency. Central banks formulate monetary policy, regulate member banks and influence exchange rates through interest rate decisions and currency intervention.
Read full definitionYuan
The base unit of currency in China. The renminbi is the name of China’s currency, of which the yuan is the base unit.
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Account Deficit
A negative balance of trade or payments, where a country’s imports and outgoing payments exceed its exports and incoming payments.
Read full definitionAsian Central Banks
The monetary authorities of Asian countries. They have become increasingly active in major currencies as they manage growing pools of foreign currency reserves arising from trade surpluses, and their market interest can influence currency direction in the short term.
Read full definitionBank for International Settlements (BIS)
A global financial institution owned by central banks, based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. Its original members were Switzerland, Germany, Belgium, France, Britain, Italy, the United States and Japan.
Read full definitionBank of England (BoE)
The central bank of the United Kingdom, acting as the government’s bank and lender of last resort. Headquartered in the City of London, it issues currency and oversees monetary policy, making it the UK equivalent of the US Federal Reserve.
Read full definitionBase Rate
The interest rate a central bank, such as the Bank of England or Federal Reserve, charges to lend money to commercial banks. Adjusting the base rate helps a central bank regulate the economy by encouraging or discouraging spending as required.
Read full definitionBRC Shop Price Index
A UK price indicator from the British Retail Consortium, a trade association of around 170 retail members, tracking changes in the prices of goods sold in shops.
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