On November 2, 2026, the People's Bank of China, together with the National Administration of Financial Regulation and the China Securities Regulatory Commission, convened successive symposiums on swap facilities for securities, fund, and insurance companies, as well as on relending for share buybacks and additional share purchases. The meetings heard reports on financial institutions' operational progress and gathered their views and suggestions, while also deliberating and outlining measures to fully leverage policy tools in support of the healthy and stable development of the capital market. Vice Governor of the People's Bank of China Zou Lan, Deputy Director-General of the National Administration of Financial Regulation Cong Lin, and Vice Chairman of the China Securities Regulatory Commission Liu Haoling attended the meetings and delivered remarks.
The meeting concluded that, since their launch in October 2024, the two capital market tools—the Securities, Fund, and Insurance Company Swap Facility—have been extended multiple times, with an outstanding balance of RMB 105 billion to date, thereby fully leveraging the professional investment capabilities and catalytic effects of industry institutions. Supported by policy measures, the contracted amount of stock repurchase and increase‑holding loans stands at approximately RMB 440 billion, with cumulative disbursements exceeding RMB 280 billion, thus meeting the financing needs of listed companies for market‑capitalization management. The intrinsic market‑stabilizing mechanisms of these two tools are gradually becoming apparent, while industry institutions' awareness and capacity for market stabilization and listed companies' market‑capitalization management continue to improve.
The meeting stated that, to safeguard capital market stability and bolster market resilience and confidence, the People's Bank of China, the National Administration of Financial Regulation, and the China Securities Regulatory Commission will continue to strengthen policy support, further refine policy parameters and implementation details, and encourage financial institutions to make full and effective use of available policy tools. They will also, at an appropriate time, launch swap‑facility operations among securities firms, fund management companies, and insurance institutions, expand the number of participating entities, moderately reduce swap rates, and optimize collateral‑pledge and operational frameworks. The stock‑repurchase and share‑increase relending policy will be transitioned from a temporary measure to a long‑term institutional arrangement, with the relending rate lowered from 1.25% to 1%; financial institutions are expected to adhere to market‑based pricing principles, appropriately add risk premiums on top of the relending rate, and increase loan disbursements.
Twenty-three securities and fund companies and 26 banks attended the meeting, with representatives from CICC, Guotai Haitong Securities, CITIC Securities, E Fund Management, as well as ICBC, China Construction Bank, CITIC Bank, Industrial Bank, and other institutions delivering remarks. Officials from relevant departments of the People's Bank of China, the Financial Regulatory Administration, the China Securities Regulatory Commission, and the State-owned Assets Supervision and Administration Commission of the State Council also attended.