央行将在港发行450亿元央票 满足离岸市场投资需求

Core Viewpoint - The People's Bank of China (PBOC) is set to issue 45 billion yuan in offshore central bank bills in Hong Kong, which aims to meet the investment demand in the offshore market and stabilize the offshore RMB exchange rate [1][2]. Group 1: Issuance Details - On November 24, the PBOC will auction 45 billion yuan in two phases of central bank bills, including 30 billion yuan for a 3-month term and 15 billion yuan for a 1-year term, both starting interest on November 26, 2025 [1]. - This marks the sixth issuance of offshore central bank bills by the PBOC in 2025, with issuance patterns normalizing throughout the year, maintaining a single issuance scale between 30 billion yuan and 60 billion yuan [1][2]. Group 2: Market Impact - The issuance of offshore central bank bills provides high-credit-rated RMB financial products, enhancing the RMB bond yield curve in Hong Kong and reinforcing its status as an international financial center and offshore RMB hub [1][2]. - The offshore central bank bills also play a stabilizing role in managing exchange rate expectations, particularly in light of recent depreciation of the offshore RMB [1][2]. Group 3: Broader Trends - The total issuance of central bank bills in Hong Kong by the PBOC has reached 300 billion yuan in 2024, continuing a high issuance trend [2]. - The balance of offshore central bank bills has increased from 80 billion yuan at the end of 2022 to an expected 140 billion yuan by the end of 2024, indicating growing demand for quality RMB assets in the offshore market [2]. - The PBOC's strategy includes maintaining high issuance levels to manage liquidity, enhance the competitiveness of the offshore RMB bond market, and prevent abnormal cross-border capital flows [2][3].