China's central bank issues bills worth US$3.65 billion in Hong Kong

China's central bank issued bills worth 25 billion yuan (US$3.65 billion) in the Hong Kong Special Administrative Region on Tuesday.

Of the total, central bank bills worth 10 billion yuan will mature in three months, and the other 15 billion yuan will mature in one year, with respective interest rates of 2.4 percent and 2.75 percent, according to the People's Bank of China.

The issuance was well-received by overseas investors, with total bidding surpassing 70 billion yuan, approximately over 2.8 times the value issued, the central bank said.

The bidding reflects the strong attraction of renminbi assets for overseas investors and the confidence global investors have in the Chinese economy, it added.

Since November 2018, the bank has gradually established a mechanism for the regular issuance of renminbi central bank bills in Hong Kong.

This regular issuance not only enriches renminbi investment products and liquidity management tools in the Hong Kong market but also encourages domestic financial institutions, enterprises and other entities to issue renminbi bonds in offshore markets, the central bank said.