China’s central bank to conduct bill swap of 5 billion yuan

BEIJING – China’s central bank said on Wednesday that it would conduct a central bank bill swap on Dec. 29

The bill swaps, with a three-month tenor, are worth 5 billion yuan ($785.13 million), the People’s Bank of China (PBOC) said in a statement on its website.

The operation aims to improve the liquidity of perpetual bonds and support banks’ issuance of the bonds to replenish capital, it added.

($1 = 6.3684 Chinese yuan)

(Reporting by Gabriel Crossley; Editing by Himani Sarkar)