The People’s Bank of China will issue 60 billion yuan (approximately $8.4 billion) in central bank bills through Hong Kong on September 23. These 182-day securities will absorb offshore yuan, supporting the currency’s value and reducing volatility in the CNH market. Previous similar-sized issuances have been oversubscribed, with interest rates ranging from 1.29% to 1.48% through competitive tenders. This operation is part of a practice established since 2018 to manage the offshore yuan market and reflects collaboration between the PBOC and the Hong Kong Monetary Authority. Offshore RMB lending in Hong Kong reached 935 billion yuan in 2025, and dim sum bonds surpassed 1 trillion yuan in annual issuance.
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