BEIJING -- China's central bank issued 5 billion yuan ($719.76 million) worth of bills in Hong Kong on Tuesday.

These central bank bills will mature in six months, with an interest rate of 2.2 percent, the People's Bank of China said on its website.

The issuance was well-received by overseas investors, with total bidding reaching about 22.8 billion yuan, roughly 4.5 times the value issued, the central bank said.

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

Since November 2018, the central bank has gradually established a mechanism for the regular issuance of renminbi central bank bills in Hong Kong.

The regular issuance of renminbi central bank bills in Hong Kong not only enriches renminbi investment products and liquidity management tools in the Hong Kong market, but also encourages domestic financial institutions, enterprises and other entities to issue renminbi bonds in the offshore market.