The detailed rules for the 500 billion yuan swap convenience operation have been released, with a maximum pledge rate of not more than 90%

Jinshi Data News on October 18th, the People's Bank of China released the detailed rules for one of its innovative policy tools, the Securities, Funds, and Insurance Companies Interchange Facility (SFISF), with an initial operation quota of 500 billion. Securities Times reporters exclusively learned that the interchange operation will be determined by the People's Bank of China through open bidding to set the interchange fee rate and bid results for SFISF operations, and to implement special quota management for SFISF national bonds or interchange central bank bills, relaxing relevant operational indicators. At the same time, the pledge rate should not exceed 90% in principle, ChinaBond Credit Enhancement Corporation will conduct mark-to-market management, and the replenishment line should not be lower than 75%