多措并举，资本市场高质量发展有望提速

Policy Measures - The People's Bank of China (PBOC) has introduced two new monetary policy tools to support the stability of the stock market[5] - The first tool is a swap facility for securities, funds, and insurance companies, allowing them to exchange their assets for high liquidity assets like government bonds[7] - The initial scale of the swap facility is set at CNY 500 billion, with potential for additional phases if successful[8] Financial Support - The second tool is a special relending program aimed at guiding banks to provide loans to listed companies and major shareholders for stock repurchases and increases[10] - The special relending program has an initial quota of CNY 300 billion, with a relending rate of 1.75%[10] - This program is designed to support companies with strong repurchase intentions, particularly in a market where stock prices are undervalued[10] Market Impact - These measures are expected to enhance liquidity for non-bank financial institutions, improving their ability to manage funds and reduce financing costs[8] - The introduction of these tools reflects the PBOC's commitment to innovative monetary policy and its flexibility in macroeconomic management[8] - Overall, the policies are anticipated to accelerate the high-quality development of the capital market and provide better opportunities for securities firms[10] Risks - Potential risks include the continuity of policies not meeting expectations, global geopolitical risks, and market volatility[11]