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Bank of China: Oldest Chinese Bank In Existence

July 9, 2015

Bank of China (BOC) is the oldest bank in mainland China still in existence. It was founded by the Republican government in 1912 to replace the Imperial Bank of China. Its history began in 1905 when the Qing government established Daqing Hubu Bank in Beijing, which was renamed Daqinq Bank in 1908. When the Republic of China was established in 1912, it was again renamed as Bank of China by the government of President Sun Yat-sen, adding a new role of the central bank

Since its establishment until 1942, it issued bank notes on behalf of the Government along with the “Big Four” banks during that period. Bank of China is headquartered in Xicheng District, Beijing.

Today it is considered the most international of China’s bank, with branches on every inhabited continent. Beyond mainland China, the bank does business in 27 countries. The Bank of China, New York branch started offering RMB products for Americans in December 2010, the first major Chinese bank to offer such a product. It has been ranked as one of the largest companies in the wold by Forbes magazine.

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