BEIJING - China will allow mainland entities to issue more renminbi-denominated bonds in Hong Kong to help the city become an offshore renminbi (RMB) business center and cement its status as a global financial hub, central bank governor Zhou Xiaochuan said Wednesday.

Mainland entities will be allowed to raise 50 billion yuan ($7.81 billion) this year in Hong Kong, Zhou said at a forum focused on the 12th Five-Year Plan and financial and trade cooperation between the mainland and Hong Kong.

The amount will be shared equally between financial institutions and non-financial companies, he added.

The move will better meet Hong Kong investors' demands for RMB-denominated products and satisfy mainland companies' financing needs.

Data showed that 16 mainland entities issued around 36 billion yuan in RMB-denominated bonds in Hong Kong last year.

Zhou said RMB Qualified Foreign Institutional Investors (RQFIIs) will be allowed to invest in mainland securities markets and the central government will support the innovation and development of offshore RMB financial products in Hong Kong.