BEIJING, Sept. 28 (Xinhuanet) -- 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 multilateral financial groups to do so on the mainland.

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

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

    Chinese Finance Minister Jin Renqing has, as the international practice goes, named the bonds Giant Panda Bonds, the ministry said at a press release.

    The minister hopes IFC and ADB will succeed in issuing the bonds, which have yet to be approved by the People's Bank of China,the country's central bank, on details of the issuance.

    An official with the ministry said allowing international multilateral financial institutions to issue yuan-denominated bonds is the natural result of China's fast economic development and part of China's efforts to deepen its reform and opening to the outside world.

    The official said the move is expected to promote the development of China's capital market and the country's market economic structure. Enditem