BEIJING: The People's Bank of China on Tuesday conducted this year's third central bank bills swap (CBS) to improve the liquidity of perpetual bonds issued by commercial banks. Valued at 5 billion yuan (about $785.67 million), the CBS is open to primary dealers for bidding at a fixed rate of 0.1 percent, the central bank said in a statement. The swap will be due on June 29, 2022. This scheme allows dealers to swap the perpetual bonds they hold for central bank bills, which will boost market demand for perpetual bonds but have a neutral impact on liquidity in the banking system. Perpetual bonds are fixed-income securities with no maturity date and are not redeemable, but they pay a steady stream of interest in perpetuity.