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China Development Bank (CDB) will sell the first-ever renminbi -denominated bonds in Hong Kong today, demonstrating the central government's effort to strengthen the special administrative region's status as an international financial hub and broaden the yuan market.

The one-week offer beginning today is available to both institutional and retail investors. The two-year bonds, with a maximum size of 5 billion yuan, including a minimum of 1 billion yuan for retail investors, carry a coupon rate of 3 percent per annum, CDB said in a statement.

The funds raised from the offering will be used to finance China's "key infrastructure projects", said Chen Yuan, CDB's governor, adding that the bank's mandate to help achieve the government's development goals will not change.

The long-awaited issue of renminbi bonds coincides with the 10th anniversary of Hong Kong's reunification with the mainland and marks a financial cooperation milestone between the SAR and the mainland, Henry Tang, Hong Kong's Financial Secretary, said at the launch.

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"The issue of renminbi bonds in Hong Kong strengthens the complementary and interactive relationship between the two financial system on a mutually beneficial basis. It also provides solid testing ground for the renminbi in international financial transactions," Tang said.

The joint lead managers and bookrunners for the bond issue are Bank of China (Hong Kong) and HSBC.

The distributors comprise 14 placing banks with branches in Hong Kong, including Bank of Communications, Bank of China (Hong Kong), China Construction Bank (Asia), CITIC Ka Wah Bank, HSBC, the Industrial and Commercial Bank of China (Asia), Nanyang Commercial Bank, Standard Chartered Bank (Hong Kong), Wing Hang Bank and Wing Lung Bank.

The minimum subscription for an individual investor is 20,000 yuan.

Though there is still debate about quota size, the offering received warm applause in the city.

"The quota is moderate considering the handful of yuan deposits in Hong Kong," said Paul Tang, chief economist of Bank of East Asia.

"However, the symbolism behind the liberalization is more important than the pragmatic effect. Also, we expect the quota will be further extended, alongside other kinds of yuan businesses, such as overseas settlement," he said.

Daniel Chan, senior investment strategist for DBS Bank (Hong Kong), told China Daily that the quota for the first batch of yuan-denominated bonds is sufficient to quench market demand.