China to issue billions in sovereign bonds in Hong Kong

BEIJING - China's Ministry of Finance (MOF) plans to issue sovereign bonds totaling 20 billion yuan ($3.1 billion) in the Hong Kong Special Administrative Region this year.

The MOF will issue the renminbi (RMB) sovereign bonds in three batches of 8 billion yuan, 6 billion yuan, and 6 billion yuan, respectively.

The first tranche of bonds will be issued on Sept. 23. The detailed arrangements will be announced by the Hong Kong Monetary Authority.

The MOF started selling yuan-denominated treasury bonds in Hong Kong in September 2009 to boost the region's economy and speed up offshore yuan business expansion.