BEIJING - The People's Bank of China (PBOC) said Wednesday it has issued 30 billion yuan ($4.3 billion) of bills in Hong Kong.

The issuance includes 20 billion yuan in three-month bills at an interest rate of 2.9 percent and 10 billion yuan in one-year bills at an interest rate of 2.95 percent, according to the PBOC.

The issuance was well received by investors in the offshore market, with the total bid amount exceeding 78 billion yuan, the PBOC announced on its website.

Since November last year, the PBOC has issued 120 billion yuan of bills in Hong Kong and established a normal mechanism of issuing central bank bills in the region, said the bank.

The move helps to enrich yuan-investment products with high credit ratings in Hong Kong, offer more yuan liquidity management tools, improve the yield curve of yuan bonds in Hong Kong and advance yuan internationalization, it said.