The People's Bank of China (PBoC) has launched a 500-billion-yuan (approximately USD71 billion) swap facility to provide liquidity to securities and insurance firms amid volatility in the Chinese mainland stock markets. This initiative allows brokers and insurers to pledge assets such as bonds, stock ETFs, and shares to obtain liquid assets like Treasury bonds. Notable firms such as CITIC Securities and CICC have already applied for the facility, with CICC hitting limit-up. The move aims to support the capital market and stabilize the financial sector following a recent two-day market retreat.