中信证券明明：央行在港发行离岸央票有助稳定离岸人民币汇率

Core Viewpoint - The recent weakening of the offshore RMB has prompted the central bank to issue offshore central bank bills to tighten liquidity and stabilize exchange rate expectations [1] Group 1: Central Bank Actions - The issuance of offshore central bank bills aims to increase the cost of short-selling and curb speculative trading [1] - Maintaining high levels of offshore central bank bill issuance is based on three considerations: managing liquidity, enhancing the competitiveness of the offshore RMB bond market, and preventing abnormal cross-border capital flows [1] Group 2: Market Conditions - Despite the Federal Reserve entering a rate-cutting cycle by 2025, the dollar index has shown marginal increases since the third quarter [1] - The central bank's actions are intended to avoid excessive market volatility and ensure financial stability [1]