The top management of the PBC is composed of the governor and a certain number of
deputy governors. The candidacy of governor is nominated by the Premier of the State Council and approved by the National People’s Congress (NPC), his appointment and removal from office is decided by the president of the country. As to deputy governors, their appointments and removals are subjected to the powers of the Premier of the State Council. For both the governor and deputy governors, no terms of service is available.The Monetary Policy Committee (MPC) plays a consultative role for the monetary policy making and adjustment. It includes four members of the PBC (the governor, two deputy
governors, the administrator of the State Administration of Foreign Exchange), eight members ofthe government (a deputy secretary of State Council, a vice minister of State Development and Reform Commission, a vice minister of Ministry of Finance, a director of National Statistic Bureau, the chairman of China Banking Regulatory Commission (CBRC), the chairman of China Securities Regulatory Commission (CSRC), the chairman of China Insurance Regulatory Commission (CIRC), the finance institute director of the Development Research Center of the State Council), and three represents from state owned enterprises and academic area. The MPC meets quarterly and its meeting opinions are attached as annex to policy decisions.