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PBOC: Securities/ Funds/ Insurers' Swap Facility Has RMB500B in Scale in 1st Phase
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Pan Gongsheng, the Governor of the People's Bank of China (PBOC), said at a press conference of the State Council Information Office that the PBOC created structural monetary policy tools to support the capital market for the first time. One of them is the swap facility for securities/ funds/ insurance companies, which supports eligible securities/ funds/ insurance companies to harness their own bonds, stock ETFs and CSI 300 constituent stocks as collateral to exchange for high liquidity assets, such as treasury bonds and central bank bills from the central bank. This policy will notably uplift relevant institutions’ access to funds and stock holdings. Funds obtained by institutions through this tool can only be used to invest in the stock market. Pan revealed that the scale of the first phase of swap facility is RMB500 billion, and the scale will be expanded in the future depending on the situation. AAStocks Financial News |
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