Financial Secretary Paul Chan today welcomed the Ministry of Finance's plan to issue RMB5 billion in sovereign bonds in Hong Kong next week.

Announcing the move today, the ministry said it plans to issue RMB sovereign bonds totalling RMB15 billion outside the Mainland this year.

Mr Chan noted this is the 12th consecutive year the ministry has circulated RMB sovereign bonds in Hong Kong.

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