The National Development and Reform Commission announced that it will

Published: Jul 21, 2023 06:21

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The National Development and Reform Commission announced that it will establish a working mechanism to promote the development of private economy and private enterprises. On August 2, the Ministry of Finance issued a notice announcing that it will issue 1.2 billion yuan of RMB sovereign bonds in Hong Kong, an increase of 600 million yuan from the original plan. Sheng Songcheng, former director of the Statistics and Survey Department of the People's Bank of China, believes that the normal issuance of offshore RMB sovereign bonds has a positive effect on increasing the supply of Hong Kong RMB assets, improving the offshore RMB yield curve, supporting the construction of Hong Kong offshore international financial center, and helping RMB internationalization. The issuance of RMB sovereign bonds in Hong Kong by the Ministry of Finance has a similar effect to the issuance of RMB central bank bills in Hong Kong by the People's Bank of China. In the future, the People's Bank of China can also adjust the offshore RMB liquidity by increasing the issuance of Hong Kong central bank bills, improve the attractiveness of offshore RMB assets, and maintain the basic stability of the exchange rate.

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