The Bank was inaugurated in Canton in the following year. Since then the Bank developed with a vision to be in line with the modern concept of central banking. In December 1949, the Bank relocated with the government from Mainland China to Taipei, and in 1961, resumed its operations there. On November 8, 1979, the newly revised Central Bank of China Act was promulgated. While the Bank has since been under the Executive Yuan (Cabinet), its independent role in making monetary policy has not been changed.