BEIJING – China will issue dollar-denominated sovereign bonds worth $2 billion in Hong Kong, the first time in 13 years, the Chinese Ministry of Finance announced on Wednesday.
The decision was approved by the State Council and will comprise $1 billion in five-year notes and another $1 billion in 10-year notes, the ministry said in a statement.
Following the issuance, the date for which was not specified by the ministry, the bonds will be quoted and negotiated at the Hong Kong Stock Exchange.
This is the first time China will issue US dollar-denominated sovereign bonds in Hong Kong since October 2004, when it had raised a total of $1.7 billion with dollar and euro-denominated bonds with a maturity of five and 10 years.
Since the beginning of the year, the Chinese yuan has revalued more than 5 percent against the US dollar.