On December 11, 2024, China's Ministry of Finance issued yuan-denominated treasury bonds totaling 6 billion yuan (approximately $835.2 million) in the Hong Kong Special Administrative Region. The People's Bank of China (PBOC) set the USD/CNY reference rate at 7.1854 for December 12, which was significantly stronger than market expectations, as it was about 600 pips lower than the estimated rate of 7.2438. Additionally, the PBOC announced plans to issue 20 billion yuan in six-month bills in Hong Kong in collaboration with the Hong Kong Monetary Authority (HKMA). On the same day, the PBOC conducted a 66.1 billion yuan reverse repurchase agreement, injecting a net of 28.8 billion yuan into the market, following the maturity of 37.7 billion yuan in reverse repos.