BEIJING — The People's Bank of China (PBOC) issued 5 billion yuan (about $785.4 million) worth of central bank bills in the Hong Kong Special Administrative Region (SAR) on March 22.

The bills will mature in six months, with an interest rate of 2.6 percent, according to the PBOC.

The issuance was well-received by overseas investors, with total bidding reaching over 22 billion yuan, roughly 4.4 times the value issued.

The bidding reflects the strong attractiveness of renminbi assets to overseas investors and the confidence global investors have in the Chinese economy, the PBOC said.