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PBOC Again Moves Against Yuan Shorters With Hong Kong Bill Issuance

By Zhao Runhua / Jun 19, 2019 11:12 AM / Economy

Photo: VCG

Photo: VCG

China's central bank is selling more yuan-denominated bills in Hong Kong, which should absorb yuan funds in the offshore market and so make it harder to short the struggling currency. The yuan, also called the renminbi, has fallen sharply against the dollar since April and is now hovering close to the key psychological barrier of 7 yuan per dollar.

The People’s Bank of China (PBOC) said Wednesday it will sell 30 billion yuan ($4.35 billion) worth of bills in Hong Kong on June 26, through 20 billion yuan of one-month bills and 10 billion yuan of six-month bills. The sale would be the biggest since PBOC issued the first bills of this kind in Hong Kong in November. The central bank has performed similar issuances three times before, to a total amount of 60 billion yuan.

Related: Central Bank Steps Up Measures to Defend Yuan

Contact reporter Zhao Runhua (runhuazhao@caixin.com)


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