PBOC Issues RMB25 Billion Central Bank Bills in Hong Kong
The People's Bank of China (PBOC) issued two sets of RMB-denominated central bank bills in Hong Kong on February 21, 2023, including RMB10 billion with a term of three months and a rate of 2.40%, and RMB15 billion with a term of one year and a rate of 2.75%. The issuance was well received by overseas investors, with the total bid amount exceeding RMB70 billion, more than 2.8 times the issued amount. Subscribers included commercial banks, central banks, funds, insurance companies and other institutional investors from America, Europe and Asia as well as international financial organizations, reflecting the strong attraction of RMB assets to overseas investors and the confidence of global investors in China's economy.
The PBOC has been issuing RMB-denominated central bank bills in Hong Kong on a regular basis, which not only enriches the lines of RMB investment products and RMB liquidity management tools in Hong Kong, but also encourages domestic financial institutions and enterprises to issue RMB bonds in the offshore market. In recent years, offshore issues of RMB government bonds, financial bonds and corporate bonds have been increasing, and the ways and places of issuance have become more diversified, an indication that RMB-denominated central bank bills in Hong Kong have been playing a positive role in promoting the development of the offshore RMB market.
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