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‘Strong on quantity, weak on quality’: China’s financial reform between 1978 and 2018

When China’s economic reform began at the end of 1978, the country had only one formal financial institution, the People’s Bank of China (PBC). This served as both the central bank and the commercial bank and accounted for 93 per cent of the country’s total financial assets. In the following 40 years, the financial sector experienced major reform, opening and development. Today, China’s ‘big four’ banks are regularly ranked among the 10 largest in the world. China’s equity and bond markets have also joined the top ranks globally in recent years. China’s currency, the renminbi (RMB), is part of the International Monetary Fund’s Special Drawing Rights (SDR) basket, along with the US dollar, the euro, the British pound and the Japanese yen.