China completes sale of 14bn of yuan bonds in Hong Kong

HONG KONG: China sold 14 billion yuan ($2.26 billion) of yuan-denominated offshore bonds in Hong Kong on Wednesday, the seventh consecutive year the Ministry of Finance (MOF) has tapped the market to bolster its development.

Bonds of various tenors were offered, among which the largest amount sold was 5 billion yuan of three-year bonds at 2.8 percent, two sources familiar with the sale told Reuters.

The MOF will auction a total of 28 billion yuan bonds this year, the same as last year's size. The second tranche will be issued in the second half.

The first batch of sales on Wednesday were made to institutional investors, foreign central banks and regional monetary authorities.