刚宣布！人民币，大消息！

Core Points - The People's Bank of China (PBOC) will issue 450 billion yuan in central bank bills in Hong Kong on November 24, 2025, consisting of two tranches [1][4] - The issuance aims to enrich high-credit-rated RMB financial products in Hong Kong and improve the RMB yield curve [4][5] Group 1: Issuance Details - The first tranche (the eighth issue) will have a term of 3 months (91 days), with a fixed interest rate and a total issuance of 300 billion yuan, maturing on February 25, 2026 [4] - The second tranche (the ninth issue) will have a term of 1 year, also with a fixed interest rate, totaling 150 billion yuan, maturing on November 26, 2026 [4] - Both tranches will be issued at a face value of 100 yuan each, using a Dutch auction method [4] Group 2: Market Impact - The issuance of offshore RMB central bank bills helps regulate offshore RMB liquidity and is a key tool for the central bank's exchange rate stabilization policy [5] - Previous issuances in 2023 have been well-received, with bidding multiples generally exceeding 2 times, indicating strong interest from various types of investors [5] - The issuance is seen as a means to communicate with the market and stabilize expectations amid ongoing global trade uncertainties [5] Group 3: Monetary Policy Context - The PBOC's recent monetary policy report emphasizes maintaining a managed floating exchange rate system and ensuring the RMB exchange rate remains stable at a reasonable level [6] - The central bank also conducted a 300 billion yuan reverse repurchase operation, indicating active liquidity management in the market [6]