[Titanium Morning Brief] China's central bank establishes BNSF non-bank large-redemption swap facility for the bond market; Audi announces in China: Four Rings to FAW, lettered logo to SAIC; CICC completes "three-in-one" delivery

On October 26, China's central bank established the bond market non-bank large-redemption swap facility (BNSF), which supports bank wealth management subsidiaries, public fund managers and others in borrowing central bank bills for repo financing when systemic pressure arises in the bond market, to purchase eligible bonds or shares of products facing redemptions. Audi China signed agreements with FAW and SAIC the same day, specifying that the Four Rings brand goes to FAW and the AUDI lettered logo goes to SAIC, which will focus on new energy. CICC's share-swap absorption merger of Dongxing Securities and Cinda Securities completed delivery, with 3.104 billion new A-shares issued, of which 1.136 billion will begin trading on October 29.