Workflow
支持资本市场两项货币政策工具持续显效 权威专家:后续进一步优化政策设计
Zheng Quan Shi Bao Wang·2025-05-07 02:52

Core Viewpoint - The People's Bank of China (PBOC) has announced the merger of two monetary policy tools aimed at supporting capital market stability, with a total quota of 800 billion yuan, enhancing the convenience and flexibility of these tools to better meet the market needs of various institutions [1][2]. Group 1 - The two monetary policy tools, namely the securities, fund, and insurance company swap facility and the stock repurchase increase loan, were created to support the stable development of the capital market, with initial quotas of 500 billion yuan and 300 billion yuan respectively [1]. - As of now, the swap facility has conducted two operations totaling 105 billion yuan, and over 500 listed companies have announced the use of loan repurchase to increase stock buybacks, with a total loan amount nearing 300 billion yuan [1]. - The merger of the two tool quotas is expected to better release their effectiveness, as both tools have been well-received in the market, demonstrating ideal business scale and response speed [1]. Group 2 - The PBOC plans to continuously improve the policy elements of these two tools to maintain their supportive role in the capital market, optimizing aspects such as the range of participating institutions, loan terms, and self-funding ratios [2]. - Experts anticipate that relevant departments will further optimize policy design based on practical business developments and market needs to enhance the tools' effectiveness in supporting capital market stability [2].