The People’s Bank of China (PBC) issued RMB5 billion RMB-denominated central bank bills in Hong Kong on December 20, 2022, with a term of six months and a rate of 2.20 percent. The issuance was well received by overseas investors, with a total bid amount of RMB19 billion, more than 3.8 times the issued amount. Subscribers included commercial banks, funds and other institutional investors from America, Europe and Asia as well as international financial organizations, reflecting the strong attraction of RMB assets to overseas investors and the confidence of global investors in China's economy.
The PBC has been issuing RMB-denominated central bank bills in Hong Kong on a regular basis, which not only enriches the lines of RMB investment products and RMB liquidity management tools in Hong Kong, but also encourages domestic financial institutions and enterprises to issue RMB bonds on the offshore market. In recent years, RMB government bonds, financial bonds and corporate bonds issued on the offshore market have been increasing, and the ways and places of issuance have become more diversified, indicating that RMB-denominated central bank bills issued in Hong Kong have been conducive to the development of the offshore RMB market.
