BEIJING, Oct. 11 (Xinhua) -- Chinese Ministry of Finance (MOF) said Wednesday it plans to issue U.S. dollar-denominated sovereign bonds worth two billion dollars in Hong Kong, the first such sale in 13 years.
The ministry is preparing to sell one billion U.S. dollars' worth of five-year notes and one billion in 10-year notes in the near future, the ministry said.
The specific date will be released ahead of the issuance, the MOF added.
This is the first time that the MOF will issue dollar-denominated sovereign bonds in Hong Kong, which will offer a pricing benchmark for mainland businesses' bond sales overseas, according to Shen Jianguang, chief economist with Mizuho Securities Asia Limited.
The sovereign bonds will be listed and traded at the Stock Exchange of Hong Kong Limited after the official launch.
This will also be China's first U.S.-dollar sovereign bond sale since October 2004, when the country raised a total of 1.7 billion U.S. dollars by issuing dollar- and euro-denominated bonds with maturities of five and ten years.
The Chinese currency, the yuan, has appreciated more than 5 percent against the U.S. dollar since the beginning of the year.
A single purchase
