TREE NEWS update: People’s Bank of China Deputy Governor Lu Lei said on September 10 that during the 15th Five-Year Plan period the central bank will keep issuing treasury bonds and central bank bills on a regular basis to enrich the pool of high-grade renminbi assets. Speaking at a State Council Information Office briefing, Lu also said the PBOC will continue supporting the healthy development of the offshore renminbi market, optimize the layout of renminbi clearing banks, and improve the multi-tier, cross-tenor liquidity supply mechanism to keep offshore renminbi liquidity ample and stable.
PBOC’s Lu Lei: Central Bank to Issue Treasury Bonds and Central Bank Bills on a Regular Basis
AI take
The signal here is about plumbing, not stimulus: a standing calendar of high-grade renminbi paper gives offshore holders something to park liquidity in beyond deposits, which is the quiet precondition for deeper foreign participation. It matters most to offshore participants and clearing banks, whose access to tenor-matched funding has long been the binding constraint on holding size. Whether the issuance cadence actually translates into a broader, more liquid offshore curve — rather than just a steadier supply of the same instruments — is the open question.
Generated by AI for reference only.
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