China's Ministry of Finance said on August 3 it will issue yuan-denominated government bonds worth 20 billion yuan ($3.11 billion) in Hong Kong later in the month, a move to promote Hong Kong as the country's offshore yuan center.

Bonds worth 15 billion yuan ($2.3 billion) with maturities set at three, five, seven and 10 years will be offered to institutional investors, the ministry said.

The remainder of the debt will have a maturity of two years and will be available to individual buyers.

The move indicates the Central Government's determination to cement Hong Kong's status as an international financial center.