... make up the Chinese banking system: * State-owned commercial banks * Shareholding national commercial banks * Shareholding regional commercial banks * Urban and rural cooperative commercial banks; and * Foreign Banks' branches1 * Foreign-funded and wholly foreign-owned banks2 With The People's Bank of China (PBOC) as the central bank, which is responsible for formulating and implementing monetary policy. Directly below, there are 4 state-owned commercial banks: 1). The Industrial and Commercial Bank of China (ICBC), the largest bank, which originally specialized in lending to the industrial sector. ICBC has the largest domestic branch network - over 40,000 branches and sub-branches across the country. 2). Bank of China (BOC), the most profitable bank, which traditionally has been responsible for foreign exchange activity and the financing of imports and exports. BOC has a large overseas branch network. 3). China Construction Bank(CCB), former known as The People's Construction Bank of China (PCBC), which used to focus on financing ...

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