VISITING Chinese Vice Premier Li Keqiang pressed a symbolic button at a ceremony in Hong Kong today to start the issuance of 20 billion yuan (US$3.1 billion) of renminbi-denominated treasury bonds in Hong Kong, which was issued by China's Ministry of Finance.

Of the 20 billion yuan, 15 billion were for institutional investors and the other 5 billion were targeted at individual investors in Hong Kong. There were four types of treasury bonds -- three-year, five-year, seven-year and ten-year.

A total of 6 billion yuan three-year bonds, 5 billion yuan five- year bonds, 3 billion yuan seven-year bonds and 1 billion yuan ten- year bonds were available for competitive tenders.

It was the third time in three consecutive years the Chinese Ministry of Finance issued renminbi treasury bonds in Hong Kong. The first two issuances took place in September of 2009 and November of 2010, with treasury bonds worth 6 billion yuan and 8 billion yuan, respectively.

Deputy Finance Minister Li Yong told the ceremony that the latest bond issuance was much more significant in terms of scale, bond maturity and its targeted investors, which included individual investors for the first time.

Li Yong said the central government would continue issuing renminbi treasury bonds in Hong Kong and it would be a long-term institutional arrangement by the central government, which were aimed to reinforce Hong Kong's position as a global financial center and build Hong Kong into an offshore renminbi business center.