Briefly

PBOC conducts central bank bill swap

The People's Bank of China, the central bank, conducted this year's fifth central bank bill swap operation on Thursday to improve the liquidity of perpetual bonds issued by commercial banks. The CBS, valued at 5 billion yuan ($780.9 million), is open to primary dealers for bidding at a fixed rate of 0.1 percent, the central bank said in a statement. The swap will be due on Aug 27, it said. The CBS allows dealers to swap the perpetual bonds they hold for central bank bills, which will boost market demand for perpetual bonds but have a neutral impact on liquidity in the banking system.

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