The central bank will conduct a 3.5 billion yuan bill swap (CBS) operation today.

According to the announcement by the People's Bank of China on December 26th, in order to improve the market liquidity of bank perpetual bonds, support banks in issuing perpetual bonds to supplement capital, the People's Bank of China will conduct the 12th CBS operation of the year 2024 on December 26, 2024 (Thursday). The operation size for this period is 3.5 billion yuan, with a term of 3 months. It will be open to primary dealers in the open market business, with a fixed rate bid at 0.10%. The first settlement date is on December 26, 2024, and maturity date is on March 26, 2025 (adjusted for holidays). The People's Bank of China will issue the 2024 12th CBS operation as "2024 12th People's Bank of China Bills (Swap)" with a bond code of 2401012S, total face value of 3.5 billion yuan, a term of 3 months, a coupon rate of 2.35%, interest start date on December 26, 2024, and maturity date on March 26, 2025 (adjusted for holidays). This article is excerpted from the People's Bank of China, edited by GMTEight: Chen Wenfang.