China's central bank said it conducted its first operations under a swap facility designed to bolster the stock market, exchanging assets worth 50 billion yuan ($7.03 billion) with brokerages, fund companies and insurers 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 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.