BUSINESS Yuan bills in HK oversubscribed by three times in vote of confidence in economy: PBC

BUSINESS

Yuan bills in HK oversubscribed by three times in vote of confidence in economy: PBC

Global Times

16:40, December 23, 2020

PBC Photo:Xinhua

The People's Bank of China (PBC), the country's central bank, announced on Wednesday that it has successfully issued 10 billion offshore bills in the Hong Kong Special Administrative Region (HKSAR), with global investors oversubscribing for the bill by three times in a vote of confidence in the Chinese economy.

The six-month yuan bills were priced with a coupon of 2.7 percent and subscription came from worldwide investors, including banks, central banks and investment funds from the US, Europe and Asia, according to a statement on the PBC's website. Subscriptions reached about 30 billion yuan, three times the amount issued.

"It shows that yuan assets are highly attractive to foreign investors, and it also reflects the confidence of global investors in the Chinese economy," the statement said.

The PBC has been regularly issuing yuan bills in the HKSAR, which not only strengthens yuan investment products and management tools for liquidity in the financial hub but also mainland financial institutions and companies to issue yuan bons in the offshore market, the statement said.

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