Briefly

PBOC launches new swap facility

China's central bank launched the Securities, Funds and Insurance companies Swap Facility (SFISF) on Friday, with the first batch of application quotas exceeding 200 billion yuan ($28.1 billion). The People's Bank of China announced the decision to set up the SFISF in a statement last week, as part of efforts to support the healthy and stable development of the capital market. The tool will allow eligible securities, funds and insurance companies to use their assets, including bonds, stock ETFs and holdings in constituents of the CSI 300 Index, as collateral in exchange for highly liquid assets such as treasury bonds and central bank bills, according to the central bank. The central bank on Friday also launched a special re-lending facility in guiding banks to provide loans to listed companies and their major shareholders for buybacks and increasing shareholdings.

High-grade iron ore deposit found

A high-grade iron ore deposit has been discovered in East China's Shandong province, with estimated reserves at 104 million metric tons. The department of natural resources of Shandong province has identified 16 high-grade iron ore bodies in the Qihe-Yucheng region. High-grade iron ore typically has a total iron content of over 45 percent, making it a strategic mineral resource in short supply in China.

Xinhua - China Daily