□ Reporter Zhang MoAhmedabad Wealth Management
On October 10, the Public Marketing Business Operation Line of the Indians issued an announcement saying that the People’s Bank of China decided to create a "Securities, Fund, and Insurance Company Swap Facility, Funds and Insurance Companies Swap Facility", which supports eligible qualifications.Securities, funds, and insurance companies are mortgaged with assets such as bonds, stock ETFs, and 300 CSI ingredients.This marks my country’s first monetary policy tools to support the capital market.Udabur Stock
SFISF’s first -phase operation scale is 500 billion yuan, and its vision can further expand the scale of operation.From now on, accepting eligible securities, funds, and insurance companies declare.According to observations, CICC and CITIC Securities are on the list of first -level dealers of the central bank’s public market business.
Industry insiders said that SFISF, as a long -term institutional arrangement, is conducive to enhancing the toughness of the capital market, suppressing the group effects of the herd, and maintaining market stability; it is also conducive to mobilizing the participation of non -silver institutions, enhancing the monetary policy in the capital market in the capital marketThe conduction efficiency is to balance the development of markets such as bonds and stocks.
Yu Lifeng, deputy director of the R & D Department of Dongfang Jincheng, said that the exchange convenience is operated through the "voucher" by "vouchers". Eligible institutions use low credit levels and poor mobility assets as mortgage, and exchange from the central bank to exchange from the central bank toHigh -level and high -liquidity assets can improve the fund acquisition capacity of relevant institutions and the capacity of stock holdings, and to achieve support for the liquidity of the capital market without increasing basic currency investment.
"Similar monetary policy tools also have a precedent internationally. For example, the Fed has set up regular securities lending facilities, allowing primary traders to use securities with poor liquidity as mortgage, borrowing high -liquid national debt from the Federal Reserve to facilitate the financing of the market, which is convenient for market financing.Yu Lifeng said to alleviate the liquidity crisis.
According to the introduction of the central bank people, the convenience period for swaps does not exceed 1 year, and the exhibition period can be applied for after its expiration; the scope of the mortgage may be expanded in the future.The flexibility of these operations shows that the tools will have a lot of room for play in the future.It is understood that the central bank will conduct operations through specific first -level dealers. By observing the list of first -level dealers, it may be a China debt credit promotion company.
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