Three departments: The stock repurchase and increased shareholding relending policy will shift from a phased arrangement to a long-term institutional arrangement; the relending rate will be lowered from 1.25% to 1%.

The People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission held a symposium on the two tools supporting the capital market On November 2, 2026, the People's Bank of China, together with the Financial Regulatory Administration, the China Securities Regulatory Commission, and other departments, successively held a symposium on the Securities, Fund, and Insurance Companies Swap Facility and a symposium on relending for stock repurchases and increased shareholdings, to hear about the business progress and opinions and suggestions of financial institutions, and to study and deploy work related to making full and effective use of policy tools to support the healthy and stable development of the capital market. Zou Lan, Deputy Governor of the People's Bank of China; Cong Lin, Deputy Director of the Financial Regulatory Administration; and Liu Haoling, Vice Chairman of the China Securities Regulatory Commission, attended the meetings and delivered speeches. The meetings held that since the two tools supporting the capital market were launched in October 2024, the Securities, Fund, and Insurance Companies Swap Facility has been extended multiple times and currently has a balance of RMB105 billion, fully leveraging the professional investment capabilities and driving effect of industry institutions; with policy support, the signed amount for stock repurchase and increased shareholding loans was approximately RMB440 billion, with cumulative disbursements exceeding RMB280 billion, meeting the financing needs of listed companies for market value management. The role of the two tools as an intrinsic market stabilization mechanism is gradually emerging, and the awareness and ability of industry institutions in stabilizing the market and of listed companies in market value management have continued to improve. The meetings proposed that, in order to maintain capital market stability and enhance market resilience and confidence, the People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission will continue to strengthen policy support, further optimize policy elements and implementation rules, and incentivize financial institutions to make full and effective use of policy tools. Securities, fund, and insurance companies swap facility operations will be carried out in due course, the number of participating institutions will be further increased, swap rates will be appropriately lowered, and pledge and operational models will be optimized. The relending policy for stock repurchases and increased shareholdings will shift from a phased arrangement to a long-term institutional arrangement, and the relending rate will be lowered from 1.25% to 1%; financial institutions will adhere to the principle of market-based pricing, reasonably add margins on the basis of the relending rate, and increase loan disbursements. The original text is as follows: The People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission held a symposium on the two tools supporting the capital market On November 2, 2026, the People's Bank of China, together with the Financial Regulatory Administration, the China Securities Regulatory Commission, and other departments, successively held a symposium on the Securities, Fund, and Insurance Companies Swap Facility and a symposium on relending for stock repurchases and increased shareholdings, to hear about the business progress and opinions and suggestions of financial institutions, and to study and deploy work related to making full and effective use of policy tools to support the healthy and stable development of the capital market. Zou Lan, Deputy Governor of the People's Bank of China; Cong Lin, Deputy Director of the Financial Regulatory Administration; and Liu Haoling, Vice Chairman of the China Securities Regulatory Commission, attended the meetings and delivered speeches. The meetings held that since the two tools supporting the capital market were launched in October 2024, the Securities, Fund, and Insurance Companies Swap Facility has been extended multiple times and currently has a balance of RMB105 billion, fully leveraging the professional investment capabilities and driving effect of industry institutions; with policy support, the signed amount for stock repurchase and increased shareholding loans was approximately RMB440 billion, with cumulative disbursements exceeding RMB280 billion, meeting the financing needs of listed companies for market value management. The role of the two tools as an intrinsic market stabilization mechanism is gradually emerging, and the awareness and ability of industry institutions in stabilizing the market and of listed companies in market value management have continued to improve. The meetings proposed that, in order to maintain capital market stability and enhance market resilience and confidence, the People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission will continue to strengthen policy support, further optimize policy elements and implementation rules, and incentivize financial institutions to make full and effective use of policy tools. Securities, fund, and insurance companies swap facility operations will be carried out in due course, the number of participating institutions will be further increased, swap rates will be appropriately lowered, and pledge and operational models will be optimized. The relending policy for stock repurchases and increased shareholdings will shift from a phased arrangement to a long-term institutional arrangement, and the relending rate will be lowered from 1.25% to 1%; financial institutions will adhere to the principle of market-based pricing, reasonably add margins on the basis of the relending rate, and increase loan disbursements. Twenty-three securities and fund companies and 26 banks attended the meetings. Representatives from CICC, Guotai Haitong, CITIC SEC, E Fund, as well as Industrial and Commercial Bank of China, China Construction Bank Corporation, CITIC BANK, Industrial Bank, and other institutions spoke. Responsible comrades from relevant departments and bureaus of the People's Bank of China, the Financial Regulatory Administration, the China Securities Regulatory Commission, and the State-owned Assets Supervision and Administration Commission of the State Council attended the meetings. This article is edited from the People's Bank of China; GMTEight editor: Chen Wenfang.