China is to launch its largest sale of offshore bills in a move to support the renminbi, as Wall Street boosts its bets against the currency over weakness in the world’s second-largest economy and Donald Trump’s threat of tariffs.
The People’s Bank of China on Thursday said it would sell Rmb60bn ($8.2bn) of bills in Hong Kong in January, its largest single sale since auctions began in the territory in 2018.
The bill sale will have the effect of soaking up renminbi liquidity and making it more expensive for traders to bet against the currency in markets outside China.
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