Debt sale to keep RMB on even keel

PBOC to issue $2.9b bonds in HK's offshore yuan market

Monetary authorities in China stepped up their efforts on Wednesday to bolster the supply and trade of renminbi in offshore markets amid sell-off concerns and growing trade friction.

Close on the heels of the warning made by a central bank vice-governor last week, the People's Bank of China, the central bank, took decisive action on Wednesday by launching a new monetary policy tool in Hong Kong to soak up excess liquidity in the offshore markets.