BEIJING - China's central bank said Friday that it would issue two batches of bills worth 30 billion yuan (about US$4.24 billion) in Hong Kong on May 14.

The move aims to enrich yuan-denominated products with high credit ratings in Hong Kong and improve the yield curve of yuan bonds

This year's fourth batch of bills worth 20 billion yuan will mature in three months, and the fifth batch worth 10 billion yuan will mature in one year, according to a statement on the website of the People's Bank of China.

READ MORE: China's central bank to issue 30 billion yuan of bills in HK

The move aims to enrich yuan-denominated products with high credit ratings in Hong Kong and improve the yield curve of yuan bonds, it added.

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Since November 2018, the central bank has established a normal mechanism of issuing central bank bills in Hong Kong.