Research on the Legal Status of the People's Bank of China From the Perspective of Independence

Abstract

The issue of the legal status and independence of central banks has been a hot and controversial topic in the three centuries of their development. The development of the legal status of the central bank has shown a tendency to be constantly integrated with the state power, while at the same time exhibiting a process of pursuing the strengthening of independence. The legal status of China's central bank, the People's Bank of China (PBC), has not been clearly defined either at the legal level or in academic circles. However, it remains to be examined and studied whether enhancing the independence of the PBC is conducive to the sustainable development of China's economy, the stability of the financial environment, and the effective implementation of monetary policy. Therefore, this paper will start from the current situation of the independence of the PBC, point out the shortcomings of the legal status of the central banks in China and put forward some feasible suggestions for the development of independence.