MACAO - The Macao Special Administrative Region (SAR) government said on Wednesday that China's Ministry of Finance (MOF) will issue sovereign bonds totaling 6 billion yuan (about $836.3 million) in Macao on July 16.

A joint announcement made by the MOF and the Macao SAR government noted that the continued issuance of renminbi-denominated sovereign bonds in Macao demonstrates the central government's support for the SAR government in expediting the cultivation of the bond market and other new financial businesses, thereby advancing the appropriate diversification of the economy.

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With a steadily increasing issuance size, the fourth consecutive year of the sovereign bond issuance is conducive to further optimizing a regular issuance mechanism, providing investors with a secure and stable investment option, the announcement said.

The Macao SAR government said the sustained issuance of sovereign bonds is believed to attract international investors to participate in Macao's bond market, foster the growth of the offshore renminbi market in Macao, and further deepen financial cooperation between the Chinese mainland and Macao.