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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