Beijing launches US$15b asset swap to support China’s markets after sell-off

China’s central bank announced on Monday it would start a fresh round of a swap facility that would channel about US$15 billion into the struggling onshore stock market, after its worst monthly sell-off in a decade dealt a heavy blow to investor confidence and threatened to add new risks to the country’s financial system.

The People’s Bank of China will start the one-year swap on Tuesday. The facility allowed…