On December 31st, the China Securities Supervision Commission and the People's Bank of China co-opted 20 participating institutions on the basis of the first batch of 20 participating institutions, and formed a pool of 40 alternative institutions according to conditions such as classification evaluation and compliance risk control. During each batch of operations, about 20 institutions were selected to participate in the People's Bank of China's invited tenders operation according to the scale of intention to participate. At present, all preparations for the second swap convenience operation are ready, and the operation will start today. The China Securities Supervision Commission requires relevant institutions to give full play to their professional investment capabilities, strengthen compliance risk control management, effectively play the function of monetary policy tools to stabilize the market, strengthen and improve market expectation management, and promote the stable and healthy development of capital markets.