12月18日，中国人民银行发布公告称，为丰富香港高信用等级人民币金融产品，完善香港人民币收益率曲线，根据中国人民银行与香 港金融管理局签署的《关于使用债务工具中央结算系统发行中国人民银行票据的合作备忘录》，2025年12月22日(周一)中国人民银行将 通过香港金融管理局债务工具中央结算系统(CMU)债券投标平台，招标发行2025年第十期中央银行票据。 | | | 第十期中央银行票据面值为人民币100元，采用荷兰式招标方式发行，招标标的为利率。 第十期中央银行票据期限6个月(182天)，为固定利率附息债券，到期还本付息，发行量为人民币400亿元，起息日为2025年12月24日， 到期日为2026年6月24日，到期日遇节假日顺延。 ...

Core Points - The People's Bank of China issued the eighth and ninth phases of central bank bills through the Hong Kong Monetary Authority's debt instrument central settlement system, using a competitive bidding method [1] Group 1 - The eighth phase of central bank bills had an issuance volume of 30 billion yuan, with a maturity of 3 months (91 days) and a winning bid rate of 1.60% [1] - The ninth phase of central bank bills had an issuance volume of 15 billion yuan, with a maturity of 1 year and a winning bid rate of 1.54% [1]

Core Viewpoint - The People's Bank of China (PBOC) is set to issue two new central bank bills in Hong Kong to enhance the availability of high-credit-rated RMB financial products and improve the RMB yield curve in the region [1] Summary by Sections Central Bank Bills Issuance - The PBOC will issue the eighth and ninth phases of central bank bills on November 24, 2025, through the Hong Kong Monetary Authority's Central Maturity Unit (CMU) bond bidding platform [1] - The eighth phase of the central bank bill has a term of 3 months (91 days), with a fixed interest rate and a total issuance amount of RMB 30 billion [1] - The ninth phase has a term of 1 year, also with a fixed interest rate, and a total issuance amount of RMB 15 billion, with interest paid semi-annually [1] Key Dates and Terms - The start date for both bills is November 26, 2025, with the eighth phase maturing on February 25, 2026, and the ninth phase maturing on November 26, 2026 [1] - Both bills have a face value of RMB 100 and will be issued using a Dutch auction method, with the bidding focused on interest rates [1]

Core Viewpoint - The Hong Kong Monetary Authority announced the results of the RMB central bank bill tender on September 22, indicating strong demand with a total application amount of 121.402 billion RMB for the six-month bill set to be issued on September 24, 2025 [1] Summary by Categories Issuance Details - The issuance amount for the RMB central bank bill is 60 billion RMB [1] - The average accepted interest rate is 1.62 basis points, with a maximum accepted interest rate of 1.72 basis points and a minimum of 1.30 basis points [1] Demand and Allocation - The total application amount reached 121.402 billion RMB, reflecting a robust interest from investors [1] - The allocation ratio based on the maximum accepted interest rate is approximately 28.28% [1]

Core Viewpoint - The People's Bank of China (PBOC) is set to issue the seventh phase of central bank bills in Hong Kong, amounting to 60 billion yuan, to enhance the availability of high-credit-rated RMB financial products and improve the RMB yield curve in Hong Kong [1] Group 1 - The issuance will take place on September 22, 2025, through the Hong Kong Monetary Authority's debt instruments central settlement system [1] - The bills will have a maturity of 6 months (182 days) with a fixed interest rate, and the principal and interest will be paid upon maturity [1] - The face value of the bills is set at 100 yuan, and they will be issued using a Dutch auction method, with the bidding focused on interest rates [1]

Core Points - The People's Bank of China (PBOC) will issue the seventh phase of central bank bills through the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU) on September 22, 2025 [1] - The bills will have a term of 6 months (182 days) with a total issuance amount of 60 billion RMB [1] - The face value of each bill is set at 100 RMB, and the issuance will adopt a Dutch auction method [1] Summary by Category - **Issuance Details** - The issuance date is September 22, 2025, with an interest start date of September 24, 2025, and a maturity date of March 25, 2026 [1] - The bills are fixed-rate interest-bearing bonds that will repay principal and interest at maturity [1] - **Market Impact** - This initiative aims to enrich the high-credit-quality RMB financial products in Hong Kong and improve the RMB yield curve [1]

Core Points - The People's Bank of China (PBOC) announced the issuance of the seventh Central Bank Bill through the Hong Kong Monetary Authority's debt instrument central settlement system [1] - The bill will have a fixed interest rate and a maturity period of 6 months, with a total issuance amount of 60 billion RMB [1] - The auction for the bill is scheduled for September 22, 2025, with the interest starting on September 24, 2025, and maturity on March 25, 2026 [1] Summary by Category Issuance Details - The seventh Central Bank Bill will be issued with a face value of 100 RMB and will utilize a Dutch auction method for the bidding process [1] - The issuance aims to enrich high credit-rated RMB financial products in Hong Kong and improve the RMB yield curve [1] Auction Information - The auction will take place on September 22, 2025, and the bill will be available for bidding on the CMU bond bidding platform [1] - The maturity date will be adjusted if it falls on a public holiday [1]

Group 1 - The People's Bank of China (PBOC) is set to issue the seventh phase of central bank bills in Hong Kong to enhance the availability of high-credit-rated RMB financial products and improve the RMB yield curve in Hong Kong [1] - The issuance will take place on September 22, 2025, through the Central Moneymarkets Unit (CMU) bond bidding platform managed by the Hong Kong Monetary Authority [1] - The seventh phase of central bank bills will have a term of 6 months (182 days), with a total issuance amount of RMB 60 billion, and will be issued at a fixed interest rate [1] Group 2 - The face value of the central bank bills will be RMB 100, and the issuance will adopt a Dutch auction method, with the bidding subject being the interest rate [1] - The interest period will start on September 24, 2025, and the maturity date is set for March 25, 2026, with adjustments for public holidays [1]

Core Points - The People's Bank of China (PBOC) announced the issuance of central bank bills in Hong Kong to enhance the RMB yield curve and provide high-quality RMB financial products [1] - The issuance will occur on August 25, 2025, through the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU) bond bidding platform [1] Summary by Categories Issuance Details - The fifth issue of central bank bills will have a term of 3 months (91 days), with a fixed interest rate and a total issuance amount of RMB 30 billion [1] - The sixth issue will have a term of 1 year, also with a fixed interest rate, and a total issuance amount of RMB 15 billion [1] Payment and Maturity - The fifth issue will have an interest start date of August 27, 2025, and a maturity date of November 26, 2025, with the maturity date adjusted for holidays [1] - The sixth issue will have an interest start date of August 27, 2025, and a maturity date of August 27, 2026, also adjusted for holidays [1] Auction Method - Both issues will have a face value of RMB 100 and will be issued using a Dutch auction method, with the bidding focused on interest rates [1]

Core Viewpoint - The People's Bank of China (PBOC) is set to issue two new central bank bills on August 25, 2023, through the Hong Kong Monetary Authority's debt instrument central clearing system, indicating ongoing monetary policy measures to manage liquidity in the market [1] Group 1: Central Bank Bills Issuance - The fifth issue of central bank bills has a term of 3 months (91 days) with a fixed interest rate, and a total issuance amount of 30 billion RMB [1] - The sixth issue of central bank bills has a term of 1 year, also with a fixed interest rate, and a total issuance amount of 15 billion RMB, with interest paid semi-annually [1] - Both issues have a face value of 100 RMB and will be issued through a Dutch auction method, with the bidding focused on interest rates [1]