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AUD Leads G10 Pack, Volatility Subdued

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China's issuance of CNY8 billion government bonds in Hong Kong has lifted the city's standing as an offshroe yuan hub, improved the yield curve of offshore yuan government bonds, and demonstrated strong demand for yuan assets as the bonds were oversubscribed two to three times, the China Securities Journal reported. The Ministry of Finance is scheduled to conduct two more rounds of sales of CNY6 billion in conjunction with the city, the first of which will take place Oct. 20, the newspaper said. In August, foreign institutions further increased their bond holdings by CNY8.4 billion in the inter-bank bond market. As of end-August, foreign institutions held CNY3.78 trillion of Chinese inter-bank market bonds, the newspaper said.