China C.Bank Kicks Off 500 bln Yuan Swap Facility to Aid Stock Market ​

CHINA - HONG KONG/SHANGHAI. China's central bank said on Thursday it would start accepting applications from financial institutions to join a newly created funding scheme, initially worth 500 billion yuan ($70.62 billion), to aid the capital market.

Read Also: Berkshire Hathaway Raises $1.9 Billion in Bond Deal

The People's Bank of China (PBOC) said eligible securities firms, fund companies and insurers can apply to join the swap scheme, which gives them easier access to funding to buy stocks.