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

The issuance is a crucial initiative by the central government to continuously support Macao 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 Macao 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 Macao, but also attract a greater number of bond issuers and international investors to participate in Macao's bond market development, said the notification.

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