BEIJING, Sept. 13 -- China's Ministry of Finance said in a statement on Wednesday it will issue 5 billion yuan (about 700 million U.S. dollars) of yuan-denominated bond in the Macao Special Administrative Region on Sept. 20.

This is an important move by the central government to support the development of modern finance in Macao and promote the region's appropriate economic diversification, according to the statement.

The move will also enhance the attractiveness of the Macao bond market, advance the building of the Macao bond market, and support the development of the offshore renminbi (RMB) market in Macao, the statement noted.

It added that the issuance of the RMB treasury bonds will further strengthen financial cooperation between the Chinese mainland and Macao, providing investors with secure and stable investment options.