FINANCE

Central Bank to Conduct Third Swap Facility Operation

Published: Nov. 2, 2026 11:53 p.m. GMT+8

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The People's Bank of China will conduct swap facility operations for securities, fund and insurance companies on Nov. 3, with a one-year term that can be extended. Photo: VCG

China’s central bank will conduct its third operation under a liquidity facility for securities firms, fund managers and insurers on Tuesday, after receiving applications totaling more than 100 billion yuan ($15 billion) from 31 securities and mutual fund companies.

The People’s Bank of China said Monday evening that the operation under the Securities, Funds and Insurance Companies Swap Facility (SFISF) will have a one-year term that may be extended depending on market conditions. The previous two operations took place in October 2024 and January 2025.

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PBOC will conduct its third SFISF operation Tuesday after receiving applications over 100 billion yuan ($15 billion) from 31 firms.
Prior operations: October 2024 allocated 50 billion yuan at 20 bp; January 2025 allocated 55 billion yuan at 10 bp.
SFISF and buyback program quotas were combined into an 800-billion-yuan pool on May 7, 2025.

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Who’s Who

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What Happened When

September 2024：: PBOC Governor Pan Gongsheng announced the swap facility and buyback relending program.

October 2024：: First operation under SFISF took place; 20 institutions applied for 200 billion yuan, with 50 billion yuan allocated; bids ranged from 10 to 50 basis points, winning rate set at 20 basis points.

January 2025：: Second operation under SFISF; eligibility expanded from 20 to 40 institutions; 20 institutions participated, allocation rose to 55 billion yuan, winning rate fell to 10 basis points.