China’s central bank issued 5 billion yuan (about 715.7 million U.S. dollars) worth of central bank bills in the Hong Kong Special Administrative Region on Tuesday.

The bills will mature in six months and have an interest rate of 2.2 percent, according to the People’s Bank of China.

The issuance was well-received by overseas investors, with total bidding reaching approximately 19 billion yuan, over 3.8 times the value issued, the central bank said, adding that the bidding reflects the strong attraction of renminbi assets to overseas investors and the confidence global investors have in the Chinese economy.

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.


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Originally published by Xinhua