China to sell Yuan bills in Hong Kong on Aug. 14, CNH recovers

The People's Bank of China (PBOC) will sell ¥30 billion of offshore Yuan-denominated bills in Hong Kong on Aug. 14, the central bank said earlier today.

The PBOC is issuing ¥20 billion of three-month bills and ¥10 billion of one-year bills. The issuance news has come a day after Yuan's offshore exchange rate (CNH) traded through the psychological level of 7 per US Dollar for the first time on record.

The USD/CNH pair clocked a high of 7.14 and is now seen trading at 7.0921. The pullback could be associated with PBOC's plans to issue Yuan bills later this month.