China's Central Bank to Launch Targeted Non-Bank Liquidity Support Tool for Systemic Risks

According to the Securities Times, on June 17, People's Bank of China Governor Pan Gongsheng announced at the 2026 Lujiazui Forum the research into establishing a targeted non-bank liquidity support tool under macro-prudential policy. The tool will provide emergency liquidity to non-bank institutions via swap arrangements when bond markets face systemic stress, normal liquidity channels are disrupted, and institutional groups face collective liquidity crises with potential systemic risk implications.
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