The People's Bank of China (PBOC) last week introduced Central Bank Bills Swap (CBS) to support perpetual bonds issued by commercial banks to replenish capital. Many analysts say that it is essentially Chinese version of QE (Quantitative Easing).
Sun Guofeng, director of the central bank's monetary policy department, said in an interview on Thursday that in the operation of CBS, "perpetual bonds are still held by banks, ownership not transferred and banks can not move the items off . . .
To continue reading, please subscribe. You will get
- IN-DEPTH & DATA-DRIVEN reporting about key trends in China's economy and financial markets
- DETAILS MATTER - we bring you details that you won't find elsewhere
- THE WIRE - up-to-the-minute updates of market-moving news and views
- DAILY BRIEF - daily newsletter to give you a quick overview of the most important business news every day.
LIMITED-TIME OFFER - 50% OFF
We highly value independence. We are solely funded by subscriptions from intelligent readers like you.
Already have an account? Sign In