2)The second phase began in 1984 when the State Council decided to make the PBC function as a central bank.Fours specialized banks the Industrial and Commercial Bank of China,the Agricultural Bank of China,the Bank of China,and the China Construction Bank)were established and took over part of PBC'business activities.A central banking system began taking shape,but the transformation of the PBC into a full-fledged central bank has turned out to be a lengthy process. 数更价首5大考2) The second phase began in 1984 when the State Council decided to make the PBC function as a central bank. Fours specialized banks ( the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, and the China Construction Bank) were established and took over part of PBC’ business activities. A central banking system began taking shape, but the transformation of the PBC into a full-fledged central bank has turned out to be a lengthy process