SHANGHAI: China's Ministry of Finance said on Friday it will sell a total of 15 billion yuan ($2.1 billion) worth of yuan-denominated bonds in the offshore market in 2020.

In a statement published on its website, it said it will auction 5 billion yuan of these bonds in Hong Kong on July 23.

That will include a 4 billion yuan two-year tranche and a 1 billion yuan five-year tranche, according to a notice published by the Hong Kong government.

"This demonstrates clearly the Central Government's staunch support in reinforcing further Hong Kong's position as the global offshore RMB business hub, and is conducive to promoting the sustainable development of the bond market in Hong Kong," said Paul Chan, the city's financial secretary, referring to the yuan's other name, in a statement.