RMB Photo: VCG

The Chinese Ministry of Finance (MOF) said on Friday that it would issue 15 billion yuan ($2.14 billion) worth of renminbi-denominated treasury bonds in 2020, with the first batch of 5 billion yuan ($714 million) to be issued on July 23 in Hong Kong.

The Hong Kong Special Administrative Region (HKSAR) government welcomed the MOF's issuance of renminbi sovereign bonds in Hong Kong for the 12th consecutive year. Hong Kong Financial Secretary Paul Chan Mo-po said in a statement on the department's website on Friday,

"this demonstrates clearly the central government's staunch support in reinforcing further Hong Kong's position as the global offshore renminbi business hub, and is conducive to promoting the sustainable development of the bond market in Hong Kong."

Global Times