中国证券、基金、保险公司互换便利的运作模式与法治因应

Abstract

Structured monetary policy tools are one of the key measures for building a modern central banking system. The Securities, Fund, and Insurance Company Swap Facility (SFISF) represents an innovative breakthrough in China’s structured monetary policy tools; it is the first monetary policy tool to directly reach the secondary capital market and plays a positive role in supporting the development of the capital market. This paper systematically reviews the relevant systems of swap facilities established by central banks both domestically and internationally, compares the similarities and differences in the operational aspects of swap facilities between China and the United States, and, based on this analysis, discusses the shortcomings in the People’s Bank of China’s implementation of the Securities, Funds, and Insurance Companies Swap Facility (SFISF) and offers recommendations for improvement.