OREANDA-NEWS. November 19, 2014. In accordance with the MOU between the People’s Bank of China and the Qatar Central Bank on establishing RMB clearing arrangements in Qatar, the People’s Bank of China has decided to authorize the Qatar Branch of the Industrial and Commercial Bank of China to serve as the RMB clearing bank in Doha.

The People's Bank of China (PBC) was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. In September 1983, the State Council decided to have the PBC function as a central bank.

The Law of the People's Republic of China on the People's Bank of China adopted on March 18, 1995 by the 3rd Plenum of the 8th National People's Congress has since legally confirmed the PBC's central bank status.