Announcement on Central Bank Bill Issuance No.1 [2025]

(Open Market Operations Office, January 9, 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 (PBC) is scheduled to issue the first batch of central bank bills in 2025 through the Central Moneymarkets Unit (CMU) bond tendering platform of the Hong Kong Monetary Authority (HKMA) on January 15, 2025 (Wednesday), in accordance with the Memorandum of Cooperation on Using CMU for Issuance of PBOC Bills, jointly signed by the PBOC and the HKMA.

The first batch of bills are 6-month (182-day) fixed-rate coupon bonds with a total issuance of RMB60 billion. The principal and interest will be paid at maturity. The bills will begin to accrue interest on January 17 and will mature on July 18, 2025, 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.