A bit of background on the Bank of China lest you confuse it with any other organization.
In 1912, after the establishment of the Provisional Government of the Republic of China, Dr. Sun Yatsen, the Provisional President, sanctioned the change of the Da Qing Bank into the Bank of China to function as a central bank. On 5 February, the Bank of China (BOC) started operations at Number 3, Hankou Road, Shanghai, the premises of the former Da Qing Bank. Afterwards, the Bank of China issued bank notes.In 1916 the Government of the Northern Warlords wired to BOC the Order to Suspend Redemption of Bank Notes for Silver. To maintain the Bank’s creditworthiness, BOC Shanghai Branch rejected the Order and continued the redemption as usual, which not only halted a run on the Bank, but also enormously enhanced the reputation and prestige of BOC.In 1928 BOC was changed into a government chartered international exchange bank. An exciting history well worth recounting.
Now, it reports sales and investment in property development accelerated in the first eight months of the year from the seven months through July, the government said last week, on record lending and climbing confidence. House prices in the nation’s 70 biggest cities rose at the fastest pace in 11 months in August.
“Prices and transaction volumes are increasing steadily particularly in China’s third and fourth-tier cities,” Yu Daixi, deputy chief executive officer at the Shanghai-based company, said in an interview. “Urbanization will be a very important driver for China’s growth in the next 10 years.”