Announcement on Central Bank Bill Issuance No.4 [2025]

(Open Market Operations Office, August 21, 2025)

In order to enrich the spectrum of RMB-denominated financial products with high credit ratings and improve the yield curve of RMB bonds in Hong Kong, the People’s Bank of China (PBOC) is scheduled to issue the fifth and sixth batches of central bank bills in 2025 through the Central Moneymarkets Unit (CMU) bond tendering platform of the Hong Kong Monetary Authority (HKMA) on August 25, 2025 (Monday), in accordance with the Memorandum of Cooperation on Using CMU for Issuance of PBOC Bills, jointly signed by the PBOC and the HKMA.

The fifth batch of bills are 3-month (91-day) fixed-rate coupon bonds with a total issuance of RMB30 billion. The principal and interest will be paid at maturity. The bills will begin to accrue interest on August 27, 2025, and will mature on November 26, 2025, unless postponed in the event of public holidays.

The sixth batch of bills are 1-year fixed-rate coupon bonds with a total issuance of RMB15 billion. The interest will be paid semi-annually. The bills will begin to accrue interest on August 27, 2025, and will mature on August 27, 2026, unless postponed in the event of public holidays.

The face value of each bill is RMB100. The issue will be placed by invitation for interest rate-bidding through Dutch auction.