China announced Wednesday the International Finance Corporation and the Asian Development Bank have been approved to issue their first batch of yuan-denominated bonds on the Chinese mainland, making them the first multi-lateral financial groups to do so on the mainland.

Chinese Ministry of Finance made public its decision on its official website. The move has been approved by the State Council,the Chinese Cabinet, the ministry said.

The ministry, however, gave no information on the amount of the bonds to be issued by IFC and ADB.

Source: Xinhua