Chinese regulators held industry meetings on further refining the securities–funds–insurance swap facility (SFISF) and a relending tool for stock repurchases. The PBOC will launch a third SFISF operation and will accept institutional applications from tomorrow. SFISF lets eligible brokers, asset managers and insurers pledge bonds, equity ETFs and CSI300 constituent shares to swap into central-bank bills and other high-grade liquidity, which can be used to finance capital-market activity and supp

Chinese regulators held industry meetings on further refining the securities–funds–insurance swap facility (SFISF) and a relending tool for stock repurchases. The PBOC will launch a third SFISF operation and will accept institutional applications from tomorrow. SFISF lets eligible brokers, asset managers and insurers pledge bonds, equity ETFs and CSI300 constituent shares to swap into central-bank bills and other high-grade liquidity, which can be used to finance capital-market activity and support market stability. Participant demand—both application size and number of firms—exceeded the first two rounds, signaling strong take-up. Officials said the PBOC will further improve the SFISF mechanism and swap fees are likely to be reduced further.