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PBOC to sell bills in Hong Kong, enables direct management of offshore liquidity

Chinese central bank announced that it will issue bills in Hong Kong to improve the yield curve and enrich yuan-denominated financial products in the offshore market. The move is also viewed as a way for the central bank to manage yuan's liquidity in the offshore market, which means, it will be able to raise borrowing cost for short-sellers of the yuan directly when facing strong depreciation pressure.

The People's Bank of China (PBOC) has signed a memorandum of cooperation with Hong Kong Monetary Authority (HKMA) for the tendering and issuance of PBOC bills through HKMA's . . .

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