Core Viewpoint - The People's Bank of China (PBOC) is set to issue the 10th Central Bank Bill in Hong Kong to enhance the high credit-rated RMB financial products and improve the RMB yield curve in Hong Kong [1][8]. Group 1: Central Bank Bill Issuance - The 10th Central Bank Bill will have a term of 6 months (182 days) and will be a fixed-rate bond, with a total issuance amount of RMB 40 billion [1][8]. - The bill's effective date is December 24, 2025, and it will mature on June 24, 2026, with the maturity date adjusted for holidays [1][8]. - The face value of the bill is RMB 100, and it will be issued through a Dutch auction method, with the bidding subject being the interest rate [1][8]. Group 2: Economic Implications - Central Bank Bills serve as a monetary policy tool aimed at regulating market liquidity, providing a benchmark interest rate, and promoting the development of the money market, rather than raising funds [3][10]. - The issuance of these bills is expected to help absorb offshore RMB liquidity and stabilize exchange rate expectations, as the offshore RMB exchange rate has reached 7.0378, the highest in nearly 14 months [5][10].
离岸人民币汇率升至14月来新高，央行在港发行400亿人民币票据
Guan Cha Zhe Wang·2025-12-18 05:37