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On February 21, 1923, Dr. Sun Yat-sen, National Father of the Republic of China, promoted the establishment of the Central Bank of the Republic of China with the primary goal of financing national developments in Canton. On November 1, 1928, the Central Bank formally commenced operations in Shanghai following the promulgation of the Statute of the Central Bank of Chin a, which was revised and became the Central Bank of the Republic of China Act on May 23, 1935.
