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PBOC sold first yuan bills in Hong Kong

The People's Bank of China (PBOC) sold its first yuan-denominated bills in Hong Kong on Wednesday, raising 20 billion yuan and giving it a new tool to manage the currency in offshore markets as it faces further pressure.

A 10 billion yuan three-month tranche was priced at a coupon of 3.79 per cent, while a one-year tranche, also worth 10 billion yuan, came in with a coupon of 4.20 per cent, the PBOC said in a statement.

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