If you’re living and working in China you’ll need a bank account
If you’re living and working in China you’ll need a bank account. These days you’ll most likely also want to start mobile banking too. This post covers the world of China’s brick and mortar banking establishments, its booming mobile banking industry, and learn Chinese languages to draw on when you’re managing your money in the P.R.C. . First up, you have The People’s Bank of China, ( 中国人民银行, Zhōngguó Rénmín Yínháng), which is the country’s central bank and has the power to control monetary policy and regulate financial institutions across the mainland. It’s an enormous institution, worth US$3.201 trillion. Don’t get this one confused with the Bank of China (see below) . Other banks across the country can be divided into three types: state-owned commercial; shareholder-owned commercial; and policy-led banks, established with the purpose of progressing a particular developmental policy. State-owned commercial banks: Industrial and ...