Three departments: The refinancing policy for stock repurchases was changed from phased arrangements to long-term institutional arrangements. The reloan interest rate was reduced from 1.25% to 1%

The Zhitong Finance App learned that on November 2, 2026, the People's Bank of China, together with the General Financial Supervisory Authority, the China Securities Regulatory Commission and other departments, held a symposium on facilitating exchanges of securities, funds, and insurance companies and a symposium on stock repurchases and increasing holdings and reloans. The conference proposed that in order to maintain the stability of the capital market and enhance market resilience and confidence, the People's Bank of China, the General Administration of Financial Supervision, and the China Securities Regulatory Commission will continue to strengthen policy support, further optimize policy elements and implementation rules, and encourage financial institutions to make full use of policy tools. Carry out convenient exchange operations for securities, funds, and insurance companies in a timely manner, further increase the number of participating institutions, reduce exchange rates appropriately, and optimize pledges and operation models. The reloan policy for stock repurchases and increases holdings was changed from a phased arrangement to a long-term institutional arrangement, and the reloan interest rate was reduced from 1.25% to 1%; financial institutions adhere to the principle of market-based pricing, reasonably add points and increase loan investment on top of reloan interest rates.

The original text is as follows:

The General Financial Supervisory Authority of the People's Bank of China and the China Securities Regulatory Commission held a symposium on two tools to support the capital market

On November 2, 2026, the People's Bank of China, together with the General Administration of Financial Supervision, the China Securities Regulatory Commission and other departments, held a symposium on facilitating exchanges of securities, funds, and insurance companies and a symposium on stock repurchases and refinancing to listen to financial institutions' business progress and opinions and suggestions, study and deploy work related to making full use of policy tools to support the healthy and stable development of the capital market. Zou Lan, Deputy Governor of the People's Bank of China, Cong Lin, Deputy Director of the General Administration of Financial Supervision, and Liu Haoling, Vice Chairman of the China Securities Regulatory Commission, attended the meeting and delivered speeches.

According to the conference, since the launch of the two instruments to support the capital market in October 2024, the exchange facilities for securities, funds, and insurance companies have been extended several times. The current balance is 105 billion yuan, giving full play to the professional investment capacity and driving effect of industry institutions; with policy support, the contract amount for stock repurchase and increase holdings is about 440 billion yuan, and the cumulative amount issued exceeds 280 billion yuan to meet the financing needs of listed companies for market value management. The role of the two instruments as internal stabilizing mechanisms in the market is gradually showing, and the awareness and ability of industry institutions to stabilize the market and manage the market value of listed companies continues to improve.

The conference proposed that in order to maintain the stability of the capital market and enhance market resilience and confidence, the People's Bank of China, the General Administration of Financial Supervision, and the China Securities Regulatory Commission will continue to strengthen policy support, further optimize policy elements and implementation rules, and encourage financial institutions to make full use of policy tools. Carry out convenient exchange operations for securities, funds, and insurance companies in a timely manner, further increase the number of participating institutions, reduce exchange rates appropriately, and optimize pledges and operation models. The reloan policy for stock repurchases and increases holdings was changed from a phased arrangement to a long-term institutional arrangement, and the reloan interest rate was reduced from 1.25% to 1%; financial institutions adhere to the principle of market-based pricing, reasonably add points and increase loan investment on top of reloan interest rates.

23 securities and fund companies and 26 banks attended the conference. Representatives of CICC, Cathay Pacific Haitong Securities, CITIC Securities, E-Fangda Fund, and institutions such as Industrial and Commercial Bank, China Construction Bank, China CITIC Bank, and Industrial Bank spoke. Comrades in charge of relevant departments and bureaus from the People's Bank of China, the General Administration of Financial Supervision, the China Securities Regulatory Commission, and the State Council's State-owned Assets Administration Commission attended the conference.

This article was edited by the People's Bank of China, Zhitong Finance Editor: Chen Wenfang.