China’s central bank is moving ahead with a 500-billion-yuan swap facility to let securities, fund, and insurance firms get liquid assets for their stock purchases.

China's central bank said on Thursday it would start accepting applications from financial institutions to join a newly created funding scheme, initially worth 500 billion yuan ($70.62 billion), to aid the capital market.

China's central bank boosted support for markets Thursday by opening up tens of billions of dollars in liquidity for firms to buy stocks as part of a raft of measures by Beijing to kickstart the country's flagging economy.

China's central bank boosted support for markets on Thursday as it launched a "swap facility" offering firms access to $70.6 billion in liquidity as Beijing seeks to raise confidence in

Securities, Funds and Insurance companies Swap Facility was unveiled by the People’s Bank of China on Thursday.