Briefly

PBOC conducts CBS valued at $701 million

The People's Bank of China, China's central bank, has conducted a central bank bills swap operation to improve the liquidity of perpetual bonds. The three-month CBS, valued at 5 billion yuan ($701.56 million), is open to primary dealers for bidding at a fixed rate of 0.1 percent, the PBOC said in a statement. The CBS scheme 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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