The People's Bank of China (PBOC), together with the National Financial Regulatory Administration (NFRA) and the China Securities Regulatory Commission (CSRC), held a symposium on the Securities, Fund and Insurance Company Swap Facility and a symposium on the Relending Facility for Stock Repurchases and Increases in Holdings on November 2, 2026, to review business progress and gather opinions and suggestions from financial institutions, and to study and plan the effective and full use of policy tools in support of the healthy and stable development of the capital market.
Zou Lan, Deputy Governor of the PBOC, Cong Lin, Vice Minister of the NFRA, and Liu Haoling, Vice Chairman of the CSRC, attended the meetings and delivered speeches.
The meetings noted that since the two capital market support tools were launched in October 2024, the Securities, Fund and Insurance Company Swap Facility has been extended several times and currently stands at 105 billion yuan, giving full play to the professional investment capabilities and leading effects of industry institutions; with policy support, the signed amount of stock repurchase and increase-in-holdings loans reached about 440 billion yuan, with cumulative disbursements exceeding 280 billion yuan, meeting the financing needs of listed companies for market value management.
The role of the two tools as an intrinsic market stabilization mechanism is gradually emerging, and the awareness and capability of industry institutions in stabilizing the market and of listed companies in market value management have continued to improve.
The meetings proposed that, in order to maintain capital market stability and enhance market resilience and confidence, the PBOC, the NFRA and the CSRC will continue to strengthen policy support, further optimize policy elements and implementation rules, and encourage financial institutions to make full and effective use of the policy tools.
Swap facility operations for securities, fund and insurance companies will be conducted in due course, further increasing the number of participating institutions, appropriately lowering swap rates, and optimizing pledge and operational models.
The relending facility for stock repurchases and increases in holdings will shift from a phased arrangement to a long-term institutional arrangement, with the relending rate lowered from 1.25% to 1%; financial institutions will adhere to the principle of market-based pricing, reasonably add margins on top of the relending rate, and increase loan disbursements.
Twenty-three securities and fund companies and 26 banks attended the meetings, with representatives from CICC, Guotai Haitong Securities, CITIC Securities, E Fund Management, as well as Industrial and Commercial Bank of China, China Construction Bank, China CITIC Bank and Industrial Bank, among others, delivering speeches.
Relevant department-level officials from the PBOC, the NFRA, the CSRC and the State-owned Assets Supervision and Administration Commission of the State Council attended the meetings.
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