Chinese central gov't to issue 3 bln yuan bonds in Macao SAR

The Chinese central government is scheduled to issue renminbi-denominated bonds with a face value of 3 billion yuan (US$435 million) in the Macau Special Administrative Region (SAR) on September 7, the Macau SAR government said on Wednesday.

The issuance is a crucial initiative by the central government to continuously support Macau in developing modern finance and to facilitate the SAR's appropriate economic diversification, according to the notification issued by the Ministry of Finance and the Macau SAR government.

The move is aimed at offering a fresh investment option for professional investors, which will not only reinforce cooperation in financial services between the mainland and Macau, but also attract a greater number of bond issuers and international investors to participate in Macau's bond market development, said the notification.

The issuance of the renminbi bonds will also help revitalize Macau's offshore renminbi market and promote the progress of the internationalization of the renminbi as a currency, according to the notification.