Central Bank of the Republic of China (Taiwan)
Taiwan's central bank, responsible for monetary policy, currency issuance, foreign-exchange administration, and financial stability.
Last updated August 26, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
The Central Bank of the Republic of China (Taiwan), commonly known as the CBC, is Taiwan's central bank and a statutory institution administered under the Executive Yuan. Its core responsibilities include conducting monetary policy, issuing and managing the New Taiwan dollar, administering foreign-exchange policy and reserves, supporting financial stability, serving as banker to the government, and undertaking economic and financial research. The institution is headquartered in Taipei and maintains representative offices in New York and London. The bank was established in Guangzhou in 1924 during the early period of the Republic of China. After the Nationalist government consolidated power, the institution moved to Shanghai and became one of the Republic of China's principal national banks. In 1928, it reached an arrangement with the Bank of China that placed greater emphasis on the latter's foreign-exchange role while strengthening the CBC's position within the national monetary system. During the 1930s and 1940s, the bank's authority expanded and contracted as war, territorial fragmentation, competing regional currencies, and monetary reforms affected the mainland. It was granted a monopoly over currency issuance in territories controlled by the Nationalist government in 1942. The CBC moved with the government during the Second Sino-Japanese War and the Chinese Civil War, passing through Wuhan, Chongqing, Chengdu, Guangzhou, and other locations before relocating to Taiwan in 1949. The institution's archives were lost in the sinking of the Taiping, complicating the re-establishment of its operations. On Taiwan, the bank initially operated alongside the Bank of Taiwan, which continued to issue banknotes. The CBC assumed responsibility for banknote issuance in 1961, although the Bank of Taiwan continued issuing New Taiwan dollar notes for a further period before the CBC fully took over the function in 2000. The bank's institutional framework was reinforced by the revised Central Bank of China Act promulgated in 1979. In 2007, its English name was changed from Central Bank of China to Central Bank of the Republic of China (Taiwan), reflecting a broader government naming policy. Its Chinese legal name remains literally “Central Bank.” Today, the CBC operates through departments covering banking, currency issuance, foreign exchange, treasury operations, financial inspection, economic research, accounting, information management, legal affairs, personnel, ethics, and administration. As Taiwan's monetary authority, it influences economic conditions primarily through interest-rate policy, liquidity management, reserve and foreign-exchange operations, and communication with financial institutions and markets. Unlike a commercial bank, it does not compete for retail deposits or offer ordinary consumer banking products. Its public-facing role is instead centered on currency reliability, macroeconomic management, payment and settlement support, financial-sector oversight, and the stewardship of national foreign-exchange assets.
History
The Central Bank of the Republic of China was established in Guangzhou in 1924. It was initially associated with the Republic of China's Nationalist government and began serving as a national monetary institution after the government established itself in southern China. Following the Northern Expedition, the bank moved to Shanghai. In 1928, its responsibilities were adjusted through an arrangement with the Bank of China, with the Bank of China focusing more heavily on foreign-exchange business while the CBC retained a central role in national banking and monetary administration. During the 1930s, the bank's authority was affected by political and military divisions across China. It lost jurisdiction in some areas to institutions operating under rival or occupying authorities, including banks associated with Manchukuo and Japanese-controlled administrations. At the same time, the Nationalist government strengthened the CBC's role in the remainder of its territory. Monetary reform in the mid-1930s ended the earlier silver-standard framework and gave the CBC a central position in the new currency system. In July 1942, the bank received a monopoly over currency issuance in the territory controlled by the Nationalist government. The Second Sino-Japanese War forced repeated relocations. The CBC moved with the government from Shanghai to Wuhan and then to Chongqing. After the war, it recovered its Shanghai headquarters and attempted to resume a nationwide role, but the renewed civil war again disrupted its operations. The bank moved successively with the government through Guangzhou, Chongqing, and Chengdu, ultimately completing its relocation to Taiwan in late 1949. Its historical archives were lost when the vessel Taiping sank, creating an additional administrative and documentary challenge. On Taiwan, the CBC functioned as the island's central bank from 1949, but the Bank of Taiwan retained the practical role of issuing banknotes. The CBC assumed that function in 1961. The Bank of Taiwan continued to issue New Taiwan dollar notes until the CBC fully took over the issuance responsibility in 2000. The legal basis for the institution was updated through the revised Central Bank of China Act promulgated on 8 November 1979. In 2007, the bank's English name was changed from Central Bank of China to Central Bank of the Republic of China (Taiwan). The change formed part of a wider renaming of state-owned or state-linked institutions during the Chen Shui-bian administration. The Chinese name remained 中央銀行, literally meaning “Central Bank.” The contemporary CBC is organized into specialized departments for banking, issuance, foreign exchange, treasury activity, financial inspection, economic research, accounting, information management, legal affairs, personnel, ethics, and general administration. It also maintains representative offices in New York and London. Its principal institutional role is to preserve monetary and financial stability in Taiwan through policy-rate decisions, liquidity and reserve operations, currency management, foreign-exchange administration, economic analysis, and cooperation with the government and financial system.
- 2007
Current English name adopted
[1]The English name changed to Central Bank of the Republic of China (Taiwan).
- 2000
CBC takes over all New Taiwan dollar issuance
[1]The CBC became the sole institution responsible for New Taiwan dollar issuance after the Bank of Taiwan's remaining role ended.
- 1979
Central Bank of China Act revised
[1]The revised statute was promulgated on 8 November, updating the bank's legal framework.
- 1961
Banknote issuance transferred from the Bank of Taiwan
[1]The CBC assumed responsibility for issuing Taiwan's banknotes.
- 1949
Operations relocated to Taiwan
[1]The bank moved to Taiwan with the Republic of China government after the Chinese Civil War.
- 1942
Currency-issuance monopoly granted in Nationalist-controlled territory
[1]The CBC received exclusive authority to issue currency in territory controlled by the Nationalist government.
- 1928
Responsibilities reorganized after the move to Shanghai
[1]After relocating to Shanghai, the CBC negotiated a division of responsibilities with the Bank of China that strengthened its central monetary role.
- 1924
Central Bank established in Guangzhou
[1]The institution was founded in Guangzhou as a central banking body of the Republic of China.
Products and positioning
Taiwan's statutory monetary authority and central bank
Central banking
Monetary policy
The CBC conducts monetary policy for Taiwan by using policy rates, liquidity management, reserve-related instruments, and other central-bank operations. Its objective is to support monetary and financial stability while taking account of domestic economic conditions and external developments. This is a public-policy function rather than a retail banking product.
Currency · 1961
New Taiwan dollar issuance
The bank is responsible for issuing and managing Taiwan's currency. It assumed banknote issuance from the Bank of Taiwan in 1961 and became responsible for the remaining New Taiwan dollar issuance function in 2000. The activity includes maintaining the currency system and supporting confidence in the national unit of account.
Foreign exchange
Foreign-exchange administration
The CBC administers foreign-exchange policy and operates in foreign-exchange markets as part of its monetary and financial-stability mandate. It also manages Taiwan's foreign-exchange reserves. Its work in this area connects domestic monetary conditions with international capital flows, trade, and exchange-rate developments.
Public finance
Government banking and treasury services
As Taiwan's central bank, the CBC provides central-banking and treasury-related services for the government. These responsibilities support public-sector payments, government accounts, and the broader operation of the state's monetary and financial system. The bank is not a general commercial bank serving ordinary retail customers.
Research
Economic and financial research
The CBC maintains an economic research function that analyzes monetary conditions, financial markets, exchange rates, and macroeconomic developments. Research supports policy formulation and public communication and helps the institution assess risks affecting Taiwan's economy and financial system.
Brand decisions
2007
Adoption of the Taiwan-disambiguated English nameOtherBackground
Several Republic of China state-owned or state-linked institutions changed their English names during a broader government naming initiative.
Action taken
The English name changed from Central Bank of China to Central Bank of the Republic of China (Taiwan).
Aftermath
The institution retained the acronym CBC while its English name more clearly identified its Taiwan jurisdiction.
2000
Full assumption of New Taiwan dollar issuanceStrategyBackground
The Bank of Taiwan continued issuing New Taiwan dollar notes after the CBC's 1961 assumption of banknote responsibility.
Action taken
The CBC took over the remaining New Taiwan dollar issuance function.
Aftermath
Currency issuance was consolidated under the central bank.
1961
Consolidation of banknote issuanceStrategyBackground
The Bank of Taiwan had continued issuing banknotes after the CBC began operating on Taiwan in 1949.
Action taken
The CBC assumed responsibility for banknote issuance.
Aftermath
The transfer strengthened the CBC's position as Taiwan's monetary authority, although the Bank of Taiwan retained a role in issuing New Taiwan dollar notes until 2000.
Recent events
- 2007
English name changes to Central Bank of the Republic of China (Taiwan)[1]
Other
The bank adopted its current English name as part of a wider government policy of renaming state-linked institutions whose English names contained “China.”
- 2000
Central Bank takes over the remaining New Taiwan dollar issuance function[1]
Other
The Central Bank became the institution responsible for issuing the New Taiwan dollar after the Bank of Taiwan's continuing issuance role ended.
- 1979
Revised Central Bank of China Act is promulgated[1]
Regulation
A revised central-bank law was promulgated, providing an updated statutory foundation for the institution's monetary, currency, and financial responsibilities.
- 1961
Central Bank assumes responsibility for Taiwan banknote issuance[1]
Other
The Central Bank took over banknote issuance from the Bank of Taiwan, consolidating a central-bank function that had previously remained with the commercial institution.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/central-bank-of-the-republic-of-china · Editorial policy · How profiles are compiled