PBOC Issues USD$4.3 Billion Yuan in Central Bank Bills via Hong Kong on 13 Feb, Rates Drop 30 – 35BP

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Rates for Chinese central bank bills issued in Hong Kong has fallen by 30 – 35 basis points as Beijing adopts measures to keep the economy operating smoothly amidst efforts to contain the coronavirus.

On 13 February the Hong Kong Monetary Authority (HKMA) announced that the People’s Bank of China (PBOC) had issued 30 billion yuan (approx. USD$4.3 billion) in central bank bills via Hong Kong.

This included 10 billion yuan in one-year bills and 20 billion yuan in 3-month bills.

The rate for the one-year bills was 2.60%, for a decline of 30 basis points compared to the rate of 2.90% as of 7 November 2019, while the rate for the three-month bills was 2.55%, for a decline of 35 basis points.

PBOC said that the bidding amount was over 83 billion yuan, or 2.8 times issuance.

PBOC first executed a memorandum of agreement with HKMA for the issuance of Chinese central bank bills via Hong ing on 20 September 2019, with a view to enriching the range of high-credit grade renminbi financial products and renminbi liquidity management tools on offer, as well as improving the Hong Kong renminbi yield curve.

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