Bank of China is one of the four biggest state-owned commercial banks in China.
Bank of China is one of the four biggest state-owned commercial banks in China. Bank of China is legally separate from its subsidiary Bank of China (Hong Kong), although they maintain close relations in management and administration and co-operate in several areas including reselling BOC’s insurance and securities services.
It was founded in 1912 by the Republican government to replace the Daqing Bank. It is the oldest bank in mainland China still in existence. From its establishment until 1942, it issued banknotes on behalf of the Government along with the “Big Four” banks of the period: the Farmers Bank of China, Bank of Communications and Central Bank of the Republic of China. Its headquarters are in Xicheng District, Beijing.
As of 31 December 2009, it was the second largest lender in China overall, and the 5th largest bank in the world by market capitalization value.
As of end 2017, it was the fourth largest bank in the world in terms of assets, ranked after the other 3 Chinese banks.
This strategic investment, totaling around $65 million, translates to approximately 0.01 percentage point in each bank. The impact on the market was immediate and substantial, with shares of these major banks soaring between 2.43% and 4.73% in the early hours of Thursday.
For now, the e-CNY app has a limit of 500 yuan ($77) per transaction and 10,000 yuan ($1,540) per day for offline payments.
The new development aligns with the country’s ambition to become a prominent global hub for crypto.