Central Huijin Investment Ltd., an arm of China's sovereign wealth fund, said Thursday it will soon issue 187.5 billion yuan (27.6 billion U.S. dollars) of Renminbi-denominated bonds in its first ever bond sale.

The capital raised will allow Huijin, which already controls China's largest banks, to further invest in the nation's five leading banks this year, the company said in a statement.

The bond sale has been approved by the People's Bank of China, China's central bank, the statement said.

The mid- and long-term bonds will be sold on the inter-bank bond market.