Before the 1978 reforms China had a(n) ?
Correct answer: C. mono bank system
- A. agricultural bank only
- B. urban credit cooperatives
- C. mono bank system
- D. housing savings banks
Explanation
Before 1978, China’s banking system was dominated by a single state-owned bank that performed central-bank and commercial-bank functions. This structure was therefore called a mono-bank system.
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