Published: 20:16, December 20, 2022 | Updated: 20:53, December 20, 2022
China's central bank issues bills worth 5b yuan in Hong Kong
By Xinhua

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. (PHOTO / XINHUA)

BEIJING — China's central bank issued 5 billion yuan (about $715.7 million) worth of central bank bills in the Hong Kong Special Administrative Region on Tuesday.

The bills will mature in six months and have an interest rate of 2.2 percent, according to the People's Bank of China.

The issuance was well-received by overseas investors, with total bidding reaching approximately 19 billion yuan, over 3.8 times the value issued

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The issuance was well-received by overseas investors, with total bidding reaching approximately 19 billion yuan, over 3.8 times the value issued, the central bank said, adding that the bidding reflects the strong attraction of renminbi assets to overseas investors and the confidence global investors have in the Chinese economy.

Since November 2018, the bank has gradually established a mechanism for the regular issuance of renminbi central bank bills in Hong Kong.

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This regular issuance not only enriches renminbi investment products and liquidity management tools in the Hong Kong market, but also encourages domestic financial institutions, enterprises and other entities to issue renminbi bonds in offshore markets, the central bank said.