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.

The Chinese central bank’s swift enactment of swap facilities has raised market expectations of a firm implementation of monetary-easing policies to help drive up the country’s economic activities. The People’s Bank of China (PBOC) announced its first swap operation,

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. The People's Bank of China (PBOC) said 20 institutions participated in the auction and the fee rate is 20 basis points,