The existence of central bank has been a long-standing debate in China. ANBOUND research team believes that the temporary ineffective monetary policy by the central bank does not mean it should not exist. All the modern economies that do not have central banks are merely small economies. Their currencies need to be peg to main international currencies and this means that they have to give up monetary sovereignty. The existence of central bank in the financial system is the choice of history, thus it requires more evidence to negate the system.