China's central bank issues 25b yuan of bills in Hong Kong

BEIJING - China's central bank issued 25 billion yuan (about $3.89 billion) worth of bills in Hong Kong on Friday.

Of the total bills issued, 10 billion yuan worth of bills will mature in three months, and 15 billion yuan of bills will mature in 12 months, with the respective interest rates standing at 2.48 percent and 2.63 percent, according to the People's Bank of China (PBOC).

The issuance was well-received by investors in the offshore markets, with the total bid amount reaching approximately 68.2 billion yuan, more than 2.7 times the amount in circulation, the PBOC said.

This reflects the strong attractiveness of renminbi assets for overseas investors, as well as the confidence of global investors in the Chinese economy, the PBOC said.

Since November 2018, the bank has established a standard mechanism for issuing central bank bills in Hong Kong.