On June 26th , the People’s Bank of China (the PBC) managed to issue RMB20 billion one-month and RMB10 billion six-month RMB-denominated central bank bills in Hongkong, with the bid interest rate at 2.80 percent and 2.82 percent respectively. This was the first time for the PBC to issue one-month and six-month RMB-denominated central bank bills in Hongkong. The bills were subscribed by a large number of offshore market investors of various types, such as commercial banks, funds, investment banks, central banks and international financial organizations, with the total bid amount exceeding RMB85 billion.
The successful issuance of one-month and six-month RMB-denominated central bank bills in Hongkong has not only satisfied market demand for rich RMB investment products of high credit ratings in Hong Kong and RMB liquidity management tools, but is also conducive to improving the yield curve of RMB bonds in the region and promoting RMB internationalization.
