This morning Reuters reports that the People’s Bank of China announced that, for the first time ever, it will issue yuan-denominated Treasury bills from Hong Kong; a tranche of 10 billion yuan ($2.44 billion) with a three-month maturity and another 10 billion maturing in a year’s time. The ex-colony is the world’s biggest off-shore yuan clearing centre and the move aims to expand the range of top-rated products available, and the ability to control the shape of the yield curve.
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