Beijing, November 04 (QNA) - The People's Bank of China, the country's central bank, said on Wednesday that it will intensify implementation of its re-lending policy for stock repurchases and increased holdings in a bid to maintain capital market stability.

Starting Wednesday, the interest rate on the re-lending facility will be lowered by 25 basis points to 1%, the bank said in a statement.

This facility is available to 21 national banks and five systemically important city commercial banks. It covers 100% of eligible loans, has a term of one year, and can be extended according to the banks' needs.

The People's Bank of China said that it will conduct the third operation of the Securities, Funds and Insurance companies Swap Facility (SFISF), aiming to help financial institutions secure funding and boost their capacity to buy stocks. The operation will have a swap term of one year, with the possibility of extension depending on circumstances, according to the bank.

A total of 31 securities and fund companies have submitted applications for the facility, with the amount requested exceeding 100 billion yuan (about USD 14.89 billion), the announcement said. (QNA)