V.背景知识 The evolution of the Chinese banking system can be broadly divided into three phases: 1)The establishment of the People's Bank of China (PBC)in December 1948 marked the beginning of the first phase,which was characterized by a mono- bank engaged in both policy and commercial banking operations 数更价首5大考The evolution of the Chinese banking system can be broadly divided into three phases: 1) The establishment of the People’s Bank of China (PBC) in December 1948 marked the beginning of the first phase, which was characterized by a mono￾bank engaged in both policy and commercial banking operations. IV. 背景知识