PBoC RMB bill tenders for 3-month and 1-year notes finalized
The Hong Kong Monetary Authority (HKMA) announced the results of the People's Bank of China (PBoC) RMB bill tenders held on February 25, 2026. The tenders included 3-month and 1-year RMB bills.
Three-Month Bills Attract Significant Applications
The People's Bank of China conducted a tender for its three-month RMB bills (issue number BCHKFP26005) on February 25, 2026. These bills are scheduled for issuance on February 27, 2026, and will mature on May 29, 2026, or the closest coupon payment date.
The tender attracted applications totaling RMB 71,574 million, significantly exceeding the issue amount of RMB 30,000 million.
The average accepted coupon rate for these three-month bills was 1.41 percent.
Accepted rates ranged from a lowest of 1.30 percent to a highest of 1.53 percent.
For applications submitted at the highest accepted coupon rate, an allocation ratio of approximately 9.00 percent was applied.
This outcome reflects the market's demand for short-term RMB liquidity instruments and the competitive bidding environment for this maturity.
One-Year Bills See Higher Allocation
A tender for the People's Bank of China's one-year RMB bills (issue number BCHKFP26006) was also held on February 25, 2026. These bills are scheduled for issuance on February 27, 2026, maturing on February 27, 2027, or the closest coupon payment date.
The total application amount reached RMB 60,720 million, against an issue amount of RMB 20,000 million.
The average accepted coupon rate for the one-year bills was 1.42 percent.
Accepted rates ranged from 1.35 percent to 1.47 percent.
The allocation ratio at the highest accepted coupon rate was approximately 57.14 percent, indicating a higher proportion of successful bids at the top end of the accepted rate range compared to the three-month bills.