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# PBOC sells RMB60bn of six-month bills in Hong Kong at 1.48% coupon
- URL: https://www.theglobalbanker.com/pboc-sells-rmb60bn-of-six-month-bills-in-hong-kong-at-1-48-coupon/
- Published: 2026-03-25T10:00:00.000Z
- Updated: 2026-10-24T12:29:08.000Z
- Description: The People's Bank of China issued RMB60 billion of six-month bills through the HKMA's Central Moneymarkets Unit, drawing bids of RMB141.63 billion at a tender on 25 March 2026.
- Author: TGB Editorial Team
- Tags: Central Banks, Asia-Pacific

The People's Bank of China (PBOC) sold RMB60 billion of six-month renminbi bills in Hong Kong at a tender held on 25 March 2026, setting the coupon at 1.48%, according to results published by the Hong Kong Monetary Authority (HKMA). The tender, announced on 23 March, drew applications totalling RMB141.63 billion, more than twice the amount on offer.

#### TENDER RESULT

The average accepted coupon rate was 1.40%, and the lowest accepted rate was 1.25%. Bids at the highest accepted rate of 1.48% were allocated at a ratio of approximately 6.98%. The bills, issue number BCHKFP26008, are to be issued and settled on 27 March 2026 and will mature on 25 September 2026, or the closest coupon payment date.

The bills were offered for competitive tender on a coupon-bid basis to qualified members of the HKMA's Central Moneymarkets Unit (CMU) through the CMU BID platform. They were issued at par, with the coupon set at the highest accepted interest rate in the tender. Tenders had to be for RMB500,000 or integral multiples of that amount. Bank of China (Hong Kong) Limited acted as issuing and lodging agent.

#### OFFSHORE RENMINBI CONTEXT

According to the PBOC's tender information memorandum, the net proceeds will be used to support the performance of the PBOC's functions as the central bank of the People's Republic of China. The stated purpose of the issue is to enrich the spectrum of high-credit-rating renminbi financial products in Hong Kong and to improve the yield curve of renminbi bonds in Hong Kong.

The bills constitute direct, unconditional, unsecured and unsubordinated obligations of the PBOC. They are issued in bearer form, held in the CMU and represented by a single global bill.