On Dec 25, 1993, the State Council issued the “Decision of the State Council on Reform of the Financial System”, calling for “transforming the state specialized banks into State-owned commercial banks”. In response, the Bank of China transitioned from a foreign exchange specialized bank to a wholly State-owned commercial bank, separating its policy and commercial functions.

With its global presence and foreign exchange expertise, the bank played a central role supporting China’s “going global” strategy and integration into the global economy. On May 1, 1994, its Hong Kong branch began issuing Hong Kong dollar bank notes, becoming one of Hong Kong’s three issuing banks. On Oct 16, 1995, its Macao branch commenced issuing Macanese pataca, becoming one of Macao’s two issuing banks.

Bank of China Tower, Hong Kong.