China central bank said it conducted its first swap operation involving securities, fund, and insurance companies for the amount of 50 billion yuan ($7.03 billion) on Monday.

BEIJING - The People's Bank of China (PBOC) has conducted the first operation of the Securities, Funds and Insurance companies Swap Facility (SFISF), aiming to leverage the role of financial institutions better in stabilizing China's capital market, according to the central bank on Monday.

Swap facility lets brokers, asset managers and insurance companies exchange assets with poorer liquidity, enabling them to get liquid assets for stock purchases.

China’s central bank yesterday said it had cut two key interest rates to historic lows, in the latest move by Beijing to boost sluggish spending and kickstart the world’s second-largest economy. The cuts come just days after the country posted its slowest quarterly growth in a year and a half,

The People's Bank of China, the country's central bank, has launched the first operation of a new swap facility aimed at boosting stock market liquidity, with the first stock buying transaction financed through the facility on Tuesday.

Chinese stocks rallied following the implementation of liquidity supply measures by the People's Bank of China, the central bank of China.The Shanghai

China's central bank conducted its first operations on Monday under a swap facility designed to bolster the stock market, exchanging assets worth 50 billion yuan ($7 billion) with brokerages, fund companies and insurers.