---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/24083309.md"
description: "Swap facility,First, securities, fund, and insurance companies pledge their stock assets to the People's Bank of China (PBOC), which means these assets cannot be sold, reducing short-selling pressure;Second, after pledging, PBOC provides them with government bonds and central bank bills, which they can only sell to obtain RMB, thus regulating the bond market;Third, the liquidity from selling government bonds can only be used to purchase stock assets.Therefore, this policy restricts selling, regulates the bond market, and boosts A-shares—killing three birds with one stone.$Kweichow Moutai (SH600519)$$Alibaba(BABA.US)$Tencent Holdings (00700)$"
datetime: "2024-09-24T14:12:53.000Z"
locales:
  - [en](https://longbridge.com/en/topics/24083309.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/24083309.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/24083309.md)
author: "[冰淇淋炒土豆](https://longbridge.com/en/profiles/7200308.md)"
generator: "portal-rs"
---

# Swap facility,First, securities, fund, and insuran…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**