In January 1912, Sun Yat-sen, provisional president of the Republic of China Interim Government, approved a proposal to transform the Bank of Great Qing into the Bank of China (BOC) to act as the government's central bank. On Feb 5, 1912, Bank of China celebrated its foundation at No 3 (now No 50), Hankou Road, Shanghai. On Aug 1, the head office was established in Beijing.

From 1912 to 1928, Bank of China acted as the government's central bank, undertaking treasury management, currency issuance, and government bond operations, playing an important role in unifying the currency system and maintaining financial stability.

In May 1916, facing a financial crisis, Yuan Shikai's government issued a decree to cease honoring the exchange certificate of Bank of China and Bank of Communications as well as to stop paying deposits in cash, which triggered an enormous commotion. Adhering to the principle of prioritizing credibility, Bank of China's Shanghai branch took the lead in refusing to implement, and with support from various parties, the government ultimately withdrew the "suspension decree". Finally, the victory against the decree of Yuan's government won wide acclaim for the bank.

Proposition to Sun Yat-sen on the Establishment of BOC and His Response in 1912[Photo/BOC]