The PBOC, the National Financial Regulatory Administration and the CSRC said they will strengthen policy support to stabilize the capital market, refine implementation details and urge financial institutions to fully use available tools. They will, as needed, conduct swap facilities among securities firms, mutual funds and insurers, expand participating institutions, modestly lower swap fees and optimize pledge and operational arrangements. The stock-repurchase re-lending program will move from

The PBOC, the National Financial Regulatory Administration and the CSRC said they will strengthen policy support to stabilize the capital market, refine implementation details and urge financial institutions to fully use available tools. They will, as needed, conduct swap facilities among securities firms, mutual funds and insurers, expand participating institutions, modestly lower swap fees and optimize pledge and operational arrangements. The stock-repurchase re-lending program will move from a temporary to a permanent institutional arrangement; the re-lending rate is cut from 1.25% to 1.00%. Financial institutions should follow market-based pricing, add reasonable spreads above the re-lending rate and increase loan supply.