PBOC sells offshore bills worth $2.9b in Hong Kong

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.