随着本轮发售的央行票据在12月24日正式起息，年内在港发行的央行票据总规模将达3400亿元，延续2024年以来的高位发行趋势。 中国人民银行调查统计司原司长盛松成曾表示，离岸央行人民币票据属于相对灵活的人民币流动性管理工具，可以在边际层面改变离岸人 民币市场的供求关系。同时，央行在香港发行离岸人民币央行票据，既能丰富香港高信用等级人民币金融产品，满足离岸市场投资者的投 资需求，还有利于完善香港市场的人民币资产收益率曲线。 2025年第三季度中国货币政策执行报告也明确指出，发行香港离岸人民币央行票据对巩固提升香港国际金融中心地位、推动人民币国际化 具有重要意义。 此外，发行离岸央行票据也有助于汇率预期管理。中信证券首席经济学家明明表示，离岸央行票据的发行属于稳定外汇市场的常规手段， 旨在释放稳汇率政策信号，防范跨境资本异常流动，维护金融安全。 【 导读 】中国人民银行将在港发行 400 亿元央行票据 中国基金报记者 张玲 12月18日，中国人民银行官网发布消息称，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 ...

Core Viewpoint - The issuance of offshore central bank bills by the People's Bank of China (PBOC) in Hong Kong reflects a strategic move to enhance the internationalization of the Renminbi and manage liquidity in the offshore market [1][2][5]. Group 1: Issuance Details - The recent issuance includes 450 billion yuan in two phases: 300 billion yuan for a 3-month term and 150 billion yuan for a 1-year term, bringing the total issuance in Hong Kong for 2025 to 3000 billion yuan [1]. - The issuance frequency has become more regular, with the PBOC issuing offshore central bank bills approximately every one and a half months, adapting the volume based on market demand [2][3]. Group 2: Market Impact - The offshore central bank bills serve as a flexible tool for managing Renminbi liquidity, positively influencing the supply-demand dynamics in the offshore market [2][3]. - The issuance is seen as a stabilizing factor for Renminbi exchange rate expectations, providing high-quality financial products in the offshore market and reinforcing Hong Kong's position as a Renminbi center [4][5]. Group 3: Long-term Outlook - The consistent issuance of offshore central bank bills is expected to create a solid foundation for the offshore Renminbi market, contributing to financial market stability and supporting the integration of Hong Kong into national development [7]. - Analysts predict that the Renminbi may experience a moderate appreciation due to favorable external conditions and domestic economic support, alongside the PBOC's balanced approach to exchange rate management [7].

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].