In this file photo, people stand along Victoria Harbour in the Tsim Sha Tsui district as Bank of China Tower, center left, and other buildings on Hong Kong island stand in Hong Kong, China on April 29, 2019. (JUSTIN CHIN / BLOOMBERG)

Hong Kong plans to issue as much as HK$13 billion (US$1.9 billion) of inflation-linked bonds to encourage residents to take part in the city’s financial development, according to Financial Secretary Paul Chan Mo-po.

The government issued about HK$60 billion (US$7.7 billion) of inflation-linked so-called iBonds from 2011 -- when they were first introduced -- to 2016 and attracted a total of more than 500,000 subscribers, Chan said in a blog post Sunday.

The iBonds will carry a minimum interest rate of 2 percent, higher than previous similar bonds

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The government issued about HK$60 billion (US$7.7 billion) of inflation-linked so-called iBonds from 2011 -- when they were first introduced -- to 2016 and attracted a total of more than 500,000 subscribers, Chan said in a blog post Sunday

Emerging-market companies and governments have sold a record of about US$530 billion in dollar and euro-denominated bonds amounts this year, data compiled by Bloomberg showed. The debtors have taking advantage of global liquidity as central banks try to offset the impact of the pandemic.

The iBonds will carry a minimum interest rate of 2 percent, higher than previous similar bonds.

Dividends are paid every six months, and the interest rate is linked to the average annual inflation rate of the Hong Kong Composite Consumer Price Index. Government will also issue silver bonds aimed at seniors aged 65 and above.

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The Hong Kong Monetary Authority will hold a press conference at 4 pm Monday on the launch of iBonds.