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PBOC conducts first CBS operation to support banks’ perpetual bonds

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The People's Bank of China (PBOC) on Wednesday conducted the first central bank bills swap (CBS) operation to support the issuance of perpetual bonds by commercial banks.

The CBS, valued at 1.5 billion yuan ($222 million), are open to primary dealers with a fixed rate at 0.25 per cent, according to a statement released by the PBOC. The swap will be due on Feb 20, 2020.

The CBS program allows the dealers to swap the perpetual bonds . . .

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