Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Finance

    PBOC sells offshore bills worth $2.9b in Hong Kong

    By Chen Jia | China Daily | Updated: 2019-05-16 09:23
    Share
    Share - WeChat
    Headquarters of the People's Bank of China, the central bank, is pictured in Beijing, Oct 8, 2018. [Photo/IC]

    The People's Bank of China, the central bank, has enriched its monetary policy tools in the offshore market to better manage yuan liquidity and stabilize its value, as trade friction continued to impose pressure on the Chinese currency.

    The PBOC sold 20 billion yuan ($2.91 billion) of bills in Hong Kong on Wednesday, its third sale of offshore yuan bonds in the city. Of this, 10 billion yuan worth of bills are for three months at an interest rate of 3 percent, while the balance are one-year bills at an interest rate of 3.1 percent.

    Investors including commercial banks, investment banks, central banks, funds and international financing institutions submitted bids of more than 100 billion yuan, the PBOC said.

    The offshore yuan has depreciated by nearly 2.6 percent from May 1, and touched 6.9184 per dollar on Monday, close to a five-month low. Yuan volatility increased after the United States imposed additional tariffs on Chinese imports.

    The bill issuance, however, helped the yuan recover with spot exchange rates firming up by 146 basis points.

    Central bank bills are debt-financing instruments through which the monetary authorities can absorb funds from investors and tighten liquidity. The issuance of these bills can lift the offshore market interest rates and increase costs if speculators short the yuan, especially when the currency is under pressure.

    Central bank officials said earlier the monetary tool kit has been prepared to deal with rising external uncertainties, including tools for maintaining a stable foreign exchange rate. They reiterated that currency depreciation is excluded from the measures dealing with trade issues.

    Sino-US trade friction will not influence the yuan's exchange rate mechanism, and a stable macroeconomic foundation could help avoid large fluctuations, Zhang Zhixiang, former director of the international department at the PBOC, told China Daily.

    "Further opening-up and reform will continue, and in the meantime, financial regulation needs to improve to prevent systemic financial risks," said Zhang.

    The PBOC's first yuan-denominated bond sale in the Hong Kong market was in November of last year. The central bank has raised 60 billion yuan so far from the bond issuances.

    The move will improve the yuan yield curve in the region and help in yuan internationalization, said a statement on the PBOC website.

    Zhou Hao, a senior economist with German lender Commerzbank, said the offshore central bank bill issuance will help stabilize the yuan exchange rate and reduce shocks from shorting the yuan. Other efficient tools also include the "countercyclical factor" in the central bank's foreign exchange rate management framework and the risk reserves fund for foreign exchange forwards.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    亚洲日韩国产二区无码| 超清中文乱码字幕在线观看| 乱人伦中文视频在线| 亚洲AV人无码激艳猛片| 天堂中文在线资源| 精品无码综合一区| 亚洲av无码一区二区三区乱子伦| 波多野结衣中文字幕在线| 精品无码久久久久久国产| 亚洲VA成无码人在线观看天堂| 亚洲一区精品中文字幕| 亚洲中文字幕AV在天堂| 成人无码午夜在线观看| 亚洲av无码片vr一区二区三区| 中文无码精品一区二区三区| 精品久久久中文字幕人妻| HEYZO无码综合国产精品| 一夲道无码人妻精品一区二区| 免费无码国产在线观国内自拍中文字幕 | 亚洲日本va午夜中文字幕久久| 中文字幕无码高清晰| 免费无遮挡无码视频在线观看 | 国精品无码一区二区三区左线| av无码人妻一区二区三区牛牛| 色综合久久中文字幕综合网| 久久超乳爆乳中文字幕| 亚洲中文字幕无码永久在线 | 最近免费中文字幕大全免费版视频 | 国产成人无码区免费内射一片色欲| 一区二区中文字幕| 欧美日韩中文字幕2020| 精品久久久久久中文字幕大豆网 | 久久人妻AV中文字幕| 中文字幕人妻无码系列第三区 | 最好看2019高清中文字幕 | 人妻AV中出无码内射| 精品深夜AV无码一区二区老年 | 亚洲中文字幕无码久久精品1| 蜜桃AV无码免费看永久| 成人午夜亚洲精品无码网站 | 2021无码最新国产在线观看|