HONG KONG - China's Ministry of Finance announced?Thursday to issue 23 billion yuan ($2.96 billion) in yuan-denominated sovereign bonds in Hong Kong in an effort to support the city's economic development.

The issuance is the fourth and largest of its kind, following the sale of 6 billion yuan in yuan-denominated treasury bonds in 2009, 8 billion yuan in 2010 and 20 billion yuan in 2011.

Among the total, 15.5 billion yuan worth of bonds, including 7 billion yuan of three-year bonds, 5.5 billion yuan of five-year bonds, 1 billion yuan of seven-year bonds, 1 billion yuan of 10- year bonds and 1 billion yuan of 15-year bonds, will be sold to institutional investors via the bond-tendering platform of Hong Kong Monetary Authority's Central Moneymarkets Unit.

Meanwhile, 5.5 billion yuan worth of bonds will be offered to individual investors through retail counters. Besides, 2 billion yuan worth of bonds will be sold to foreign central banks and monetary authorities through placement, with the coupon rate the same as the successful tenders decided by CMU with the same maturities.

According to a memorandum of cooperation signed by MOF and Hong Kong Exchanges and Clearing Limited, yuan-denominated sovereign bonds can get listed in HKEx.