Briefly

China conducts central bank bills swap

The People's Bank of China, the country's central bank, conducted a bills swap operation on Tuesday to improve the liquidity of perpetual bonds. The swap, valued at 5 billion yuan ($719.2 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 May 28, according to the statement. The move 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.

RMB strengthens against greenback