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Beijing launches US$15b asset swap to support China’s markets after sell-off

Reported · Written up by our desk · North America

China’s central bank announced on Monday it would start a fresh round of a swap facility that would channel about US$15 billion into the struggling onshore stock market, after its worst monthly sell-off in a decade dealt a heavy blow to investor confidence and threatened to add new risks to the country’s financial system. The People’s Bank of China will start the one-year swap on Tuesday. The facility allowed institutional investors to exchange illiquid assets for liquid ones with the central...

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