In order to improve the market liquidity of bank perpetual bonds, support banks to issue perpetual bonds to supplement capital, and enhance the ability of financial services to the real economy, the People's Bank of China launched the Central Bank Bill Swap (CBS) operation on November 30, with an operating volume of 5 billion yuan, a term of three months, and a rate of 0.10%. This operation is open to public bidding for primary dealers in open market business. The winning institutions include large state-owned commercial banks, joint-stock banks, urban commercial banks, agricultural commercial banks, securities companies and other financial institutions. The convertible bonds include both the permanent bonds issued by large state-owned commercial banks and joint-stock banks, and the permanent bonds issued by urban commercial banks, reflecting the support for small and medium-sized banks to issue permanent bonds to supplement capital. The People's Bank of China said that it would take market conditions and reasonable demand into consideration and conduct CBS operations steadily and cautiously in a market-oriented manner. (Liu Xinshe)