BEIJING, May 16 (Xinhua) -- China Tuesday announced the approval of a bond connect program between the mainland and Hong Kong markets in the latest effort to support the financial hub and accelerate the country's opening up progress.

Investors on both sides will be able to trade bonds on each other's markets, according to a joint statement from the People's Bank of China and Hong Kong Monetary Authority. Northbound trade will be launched first, without caps on investment volume.

The program marked another major move from the central government to support Hong Kong's development and grant overseas capital wider access to the mainland's financial sector.

The launch date remains subject to further notice.