中国将鼓励金融机构更充分地运用两项支持股市工具，并优化其条款，因为当局正加大力度以增强市场稳定性和信心。
China will encourage financial institutions to make fuller use of two stock-support tools and optimize their terms, as authorities step up efforts to bolster market stability and confidence.
中国人民银行表示，将在适当时机开展证券、基金、保险公司互换便利操作。央行周一在与金融监管部门和机构开会后发表声明称，还将增加参与机构数量，并适度降低互换费率。
The People’s Bank of China said it will conduct operations under its swap facility for securities firms, funds and insurers when appropriate. It will also increase the number of participating institutions and moderately lower swap fees, the central bank said in a statement on Monday following a meeting with financial regulators and institutions.
此外，央行表示，将把股票回购增持再贷款利率从1.25%下调至1%，使该计划长期化，并鼓励银行增加放贷。
Separately, it will cut the rate on its relending facility for share buybacks and stake increases to 1% from 1.25%, make the program permanent and encourage banks to increase lending, the PBOC said.
这两项工具于2024年10月推出，当时北京寻求托举股市。再贷款工具为银行提供低成本央行资金，用于向上市公司及大股东发放回购和增持贷款。
The two tools were introduced in October 2024 as Beijing sought to shore up the stock market. The relending facility provides low-cost central bank funding to banks for loans financing share buybacks and stake increases by listed companies and major shareholders.
中国证券监督管理委员会在另一份声明中表示，第三轮互换操作将于未来几天启动，已有31家证券和基金公司获批参与，申请额度超过1000亿元人民币。该监管机构还计划扩大再贷款计划覆盖面，包括鼓励更多核心指数成分股和龙头科技企业参与。
The China Securities Regulatory Commission said in a separate statement that a third round of swap operations will begin in coming days, with 31 securities and fund firms approved to participate and applying for more than 100 billion yuan of quotas. The regulator also plans to broaden the coverage of the relending program, including by encouraging more major index constituents and leading technology companies to participate.
受经济疲软和对人工智能盈利前景存疑影响，中国股市自夏季以来陷入低迷。沪深300指数10月下跌8.5%，录得十多年来最差单月表现，并连续12周下跌至上周五，创纪录。
Chinese shares have been mired in a slump since the summer amid a weak economy and doubts over AI earnings. The CSI 300 Index fell 8.5% in October, its worst monthly decline in more than a decade, and dropped for a record 12 straight weeks through Friday.
据央行数据，支持股票回购和增持的贷款已签约约4400亿元人民币（约合662亿美元），发放超过2800亿元。互换便利余额为1050亿元人民币。
About 440 billion yuan ($66.2 billion) of loans supporting share buybacks and stake increases have been contracted, with more than 280 billion yuan disbursed, according to the central bank. The outstanding balance of the swap facility is 105 billion yuan.
会议有23家证券公司、基金公司和26家银行参加。中国人民银行表示，中国国际金融股份有限公司、国泰海通证券股份有限公司、中信证券股份有限公司、中国工商银行股份有限公司、中国建设银行股份有限公司和中信银行股份有限公司的代表等在会上发言。
The meeting was attended by 23 securities firms, funds and 26 banks. Representatives from China International Capital Corp., Guotai Haitong Securities Co., Citic Securities Co., Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and China Citic Bank Corp. were among those who spoke, the PBOC said.