GF Securities said in a research note the PBOC conducted the third SFISF swap on
Nov. 3 for CNY100bln at a 10bp bid rate; by Nov. 6, 26 brokerages had confirmed
winning bids. The note said stock-buyback reloan support has been converted into
a long-term institutional facility with a lower interest rate, the CSRC will
refine protective repurchase rules, and exchanges will work with regulators to
ease margin-trading and securities-lending risk metrics to modestly free up
financing capacity. The first batch of 18 active ETFs raised over CNY35bln and
will accelerate building positions, and the Shanghai and Shenzhen exchanges
revised mandatory Stock Connect risk-disclosure clauses for Hong Kong stocks. GF
said the swap facility, alongside a fuller market-stabilization toolkit and
countercyclical margin adjustments, could speed a shift into equities, boost
trading liquidity and expand brokers’ business scope.