The People's Bank of China has established a non-bank large-scale redemption swap facility (BNSF) in the bond market.

The People's Bank of China has decided to establish a non-bank large-scale redemption swap facility (BNSF) in the bond market. When asset management institutions face collective liquidity risks and systemic pressure in the bond market, the BNSF will support bank wealth management subsidiaries and public fund managers to borrow central bank bills from the People's Bank of China for market repurchase financing to purchase eligible bonds or product shares of redeemed public products and pledge them to the People's Bank of China.