Secure Stable Operation of the Central Bank's Three Systems to Deliver Financial Services for Post-Disaster Reconstruction

Secure Stable Operation of the Central Bank's Three Systems to Deliver Financial Services for Post-Disaster Reconstruction

On May 27, Governor ZHOU Xiaochuan headed the Disaster Relief Working Group of the People's Bank of China (PBC) to Chengdu Branch to inspect and direct the relief efforts there, and handed over 5 million yuan donation from employees of the PBC system to the Branch to support relief by the Branch.

After listening to briefings by President LI Mingchang of Chengdu Branch on the disaster relief work, Governor Zhou expressed, on behalf of the PBC senior management, regards and greetings to all the PBC employees in the affected areas that fall into the jurisdiction of Chengdu Branch, spoke highly of and fully acknowledged the valor, unity and indomitable spirit demonstrated by all the PBC staff and professionals in other financial institutions throughout the relief work. He pointed out that the leadership of Chengdu Branch was strong and effective in face of the major disaster, having mobilized all the employees to overcome the various difficulties brought about by the natural disaster, ensuring normal operation of PBC operational systems. At the same time, the Branch also conducted thorough research into the impact of the disaster on local economy and finance.

Governor Zhou commented that the Wenchuan earthquake tested the emergency response of the central bank's financial service systems. The payment and settlement system, the state treasury management system and the cash issuance system ran by Chengdu Branch were recovered rapidly and operated smoothly, thus making great contribution to the relief work and social stability in the first phase. Chengdu Branch's emergence response plan played an important role in guaranteeing uninterrupted operation of the three systems. Based on the lessons and experiences, the emergence response system would be improved, and efforts intensified in data centralization and standby system improvement.

Governor Zhou emphasized that the PBC should, in accordance with the requirements of the State Council, attach equal importance to disaster relief and economic and social development to deliver central bank functions well. PBC branch offices in the quake-shaken areas should work with other financial institutions, collect and analyze the damage information so as to provide support and advice for post-disaster rebuilding policy-making. The PBC shall, according to the overall arrangements of the State Council, flexibly use a variety of monetary policy instruments and spare no efforts to support the relief and reconstruction endeavors.

After the Chengdu leg, Governor Zhou and the Working Group went to Dujiangyan to visit the staff members of Dujiangyan Sub-branch, inspected the state treasury management system that was in normal operation in a prefab house, talked to the people working in the Dujiangyan outlet of Chengdu Rural Credit Cooperative located in a tent, and collected detailed information on business operations of Industrial and Commercial Bank of China (ICBC) Dujiangyan Sub-branch in its super-large tent. He also reminded those he met of safety precautions while working.