PBOC to refine bond-market swap facility for non-bank redemptions

The signal here is less about the swap facility itself than about the PBOC's framing: non-bank redemption pressure in bonds is now treated as a macroprudential liquidity problem, not just a market event. That puts large non-bank bond holders and the products they run squarely in scope, and it suggests the toolkit is being built to intervene before forced selling becomes self-reinforcing. Whether the refined mechanism is used pre-emptively or only after stress appears is the open question, and how bond participants adjust behavior in anticipation of it is worth watching.