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China central bank announces bill swaps to support bank perp issuance

Reuters
FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee (Reuters)

SHANGHAI (Reuters) - China's central bank said that it would implement 1-year central bank bill swaps worth 1.5 billion yuan ($222.02 million) on Wednesday to improve the liquidity of banks' perpetual bonds, and support issuance of the bonds to replenish capital.

The People's Bank of China (PBOC) made the announcement in a statement on its website on Wednesday.

PBOC Vice Governor Pan Gongsheng said on Tuesday that China would provide further support for banks' perpetual bond issuance, including examining ways to broaden the investor base for such bonds, to help boost lending in the economy.

(Reporting by Andrew Galbraith; Editing by Richard Borsuk)