August 6, 2019 / 1:23 AM / 4 months ago

China's central bank to sell yuan bills in Hong Kong

FILE PHOTO: A woman walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee

HONG KONG/SHANGHAI (Reuters) - The People’s Bank of China will sell 30 billion yuan ($4.26 billion) of offshore yuan-denominated bills in Hong Kong on August 14, it said on Tuesday.

The PBOC is issuing 20 billion yuan of three-month bills and 10 billion yuan of one-year bills.

The issuance came after China let the yuan weaken past the key 7 per dollar level amid the escalating trade war with the United States, and after Washington labeled the country a currency manipulator on Monday.

Traders say the PBOC has at times in the past used issuance in Hong Kong as a way to mop up liquidity and support offshore yuan levels.

The offshore yuan CNH=D3 was last seen at 7.0967 per dollar, after hitting record lows in early Asia trade.

Reporting by Noah Sin and David Stanley; Editing by Kim Coghill

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below