SHANGHAI -- The People's Bank of China on Thursday said it will issue renminbi-denominated central bank bills worth a record 60 billion yuan ($8.18 billion) in Hong Kong, in what analysts said was an effort by the central bank to defend the currency from weakening.
The PBOC said the notes will have a maturity of six months and that the interest rate will be determined in a bidding process. This is the largest ever single such issuance, according to data provider Wind Information. In December, the PBOC issued bills totaling 20 billion yuan.
