On December 26, the People's Bank of China launched the twelfth phase of the central bank bill swap operation in 2023. The name of the central bank bills exchanged by the CBS operation in this issue is "The 12th Central Bank Bills (Swap) in 2023", with a total face value of 5 billion yuan, a maturity of 3 months, and a coupon rate of 235% with a value date of 26 December 2023 and a maturity date of 26 March 2024.
The central bank will carry out the twelfth phase of the central bank bill swap operation in 2023, mainly to carry out liquidity management, regulate market liquidity, and maintain the stable operation of the financial market. Through the central bank bill swap operation, the central bank can provide or ** liquidity to the market, and at the same time, it can also guide the market interest rate level.
Specifically, the scale of the central bank's bill swap operation is 5 billion yuan, the term is 3 months, and the coupon rate is 235%。The value date of this operation is December 26, 2023 and the maturity date is March 26, 2024. This means that the central bank will provide 5 billion yuan of liquidity to the market and ** bonds of the same size. In this way, the central bank can regulate market liquidity and maintain the stability of the currency market.
In addition, the central bank bill swap operation is also a monetary policy tool, which can guide the market interest rate level through operation. For example, when market interest rates are too low, the central bank can reduce the level of market interest rates by increasing the size of the bill swap, for example, by increasing the size of bill swaps. Conversely, when market interest rates are too high, the central bank can raise the level of market interest rates by reducing the size of bill swaps, for example, by reducing the size of bill swaps.
In general, the central bank carried out the twelfth central bank bill swap operation in 2023 to carry out liquidity management and adjust the market interest rate level to maintain the stable operation of the financial market. This also contributes to economic growth and the maintenance of social stability.