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

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

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.

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