GF Securities said in a research note the PBOC conducted the third SFISF swap on Nov. 3 for CNY100bln at a 10bp bid rate; by Nov. 6, 26 brokerages had confirmed winning bids. The note said stock-buyback reloan support has been converted into a long-t

2026-11-09

GF Securities said in a research note the PBOC conducted the third SFISF swap on Nov. 3 for CNY100bln at a 10bp bid rate; by Nov. 6, 26 brokerages had confirmed winning bids. The note said stock-buyback reloan support has been converted into a long-term institutional facility with a lower interest rate, the CSRC will refine protective repurchase rules, and exchanges will work with regulators to ease margin-trading and securities-lending risk metrics to modestly free up financing capacity. The first batch of 18 active ETFs raised over CNY35bln and will accelerate building positions, and the Shanghai and Shenzhen exchanges revised mandatory Stock Connect risk-disclosure clauses for Hong Kong stocks. GF said the swap facility, alongside a fuller market-stabilization toolkit and countercyclical margin adjustments, could speed a shift into equities, boost trading liquidity and expand brokers’ business scope.