China to sell ¥28bn treasury bonds in Hong Kong

China's Ministry of Finance (MOF) announced on Monday that it will sell treasury bonds worth of 28 billion yuan (4.55 billion U.S. dollars) in Hong Kong this year. According to the ministry, the first 16 billion yuan will be issued on May 21 to institutional investors, foreign central banks and local monetary authorities, with the rest to be offered to institutional investors and Hong Kong residents in the second half of 2014. The MOF said the treasury bonds will continue to be listed and traded at Hong Kong Exchanges and Clearing Limited. The MOF started to sell yuan-denominated treasury bonds in Hong Kong in September of 2009 to boost Hong Kong's economy and speed up the expansion of offshore yuan businesses. Altogether 23 billion yuan of treasury bonds have been issued in Hong Kong in 2013, the MOF said.