PBOC issues 30b yuan of bills in Hong Kong

BEIJING - China's central bank announced Thursday it has issued 30 billion yuan ($4.3 billion) of bills in Hong Kong.

Among the total, 20 billion yuan will mature in three months and 10 billion yuan will mature one year later, with the interest rate standing at 2.55 percent and 2.60 percent, respectively, according to the People's Bank of China (PBOC).

The issuance was well-received by investors in the offshore markets of many countries and regions in Europe, North America and Asia, with the bid amount exceeding 83 billion yuan, 2.8 times the circulation, said the PBOC.

Since November 2018, the bank has established a normal mechanism of issuing central bank bills in Hong Kong. The move helps to enrich yuan-investment products with high credit ratings in Hong Kong, offer more yuan liquidity management tools, improve the yield curve of yuan bonds and advance the yuan's internationalization, it added.