The Bank for International Settlement was
established and opened for business in 1930. It is owned and
controlled by central banks of its member countries and
provides highly specialized services to them, and through
them, to the international financial system. It is a
financial institution that conducts central bank business.
The main task of the BIS is to "promote the cooperation
of the central banks and to provide additional facilities
for international financial operation". Expanding
cooperation among central banks has always been an important
factor in maintaining international financial stability, and
this has become ever more important in light of the
integration of international financial markets.
The BIS has 44 members, most of whom are
industrialized countries and some Eastern European
countries. The authorized share capital of BIS is 1.5
billion gold francs, divided into 600,000 shares of equal
nominal value (2,500 gold francs per
share).
The People's Bank of China established
business relations with BIS in 1984, and participated in
several of its Annual Meetings as observer. Vice Premier Zhu
Rongji paid a visit to BIS in January 1995, and Mr. Andrew
Crockett, General Manager of the Bank, visited China in
September 1995. In November 1996, the People's Bank of China
became a member of BIS. China's accession opened a new
channel for cooperation between the People's Bank of China
and other central banks. The Hong Kong Monetary Authority
also became member of BIS together with the People's Bank of
China. According to the Basic Law of the Hong Kong Special
Administration Region of the People's Republic of China, the
status of the Hong Kong Monetary Authority in BIS remains
unchanged after Hong Kong returns to China and it retains
its own share and enjoys independent right to vote.
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