China pumps $701.56m via central bank bills swap

The People’s Bank of China (PBC) announced a three-month central bank bills swap (CBS) operation worth 5 billion yuan ($701.56 million) available for bidding at a fixed rate of 0.1 percent.

This scheme enables dealers to exchange their perpetual bonds for central bank bills. Perpetual bonds are fixed-income securities that pay interest indefinitely without a maturity date.