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China conducts central bank bills swap Wednesday

Xinhua | Updated: 2024-02-28 15:48

A woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. [Photo/Xinhua]

BEIJING - The People's Bank of China, China's central bank, conducted a central bank bills swap (CBS) operation on Wednesday to improve the liquidity of perpetual bonds.

The three-month CBS, valued at 5 billion yuan (about $703.48 million), is open to primary dealers for bidding at a fixed rate of 0.1 percent, the central bank said in a statement.

The CBS program allows dealers to swap the perpetual bonds they hold for central bank bills. Perpetual bonds are fixed-income securities with no maturity date and are not redeemable but pay a steady stream of interest in perpetuity.

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