China's Ministry of Finance is expects to sell 20 million yuan (US$3.1 billion) of bonds in Hong Kong Wednesday, the third and so far the largest issue of yuan-denominated bonds in the special administrative region.

Vice Premier Li Keqiang, who's on a three-day visit to Hong Kong starting on Tuesday, will attend the sale ceremony, a move Beijing hopes would promote the internalization of its currency in global trade and investment.

The sale includes 5 billion yuan of two-year bonds for individual investors while institutional investors can choose any of the 6 billion yuan three-year notes, 5 billion yuan five-year notes, 3 billion yuan seven-year notes and 1 billion yuan 10-year notes, according to the ministry.

The three-year bonds are expected to yield about 0.7 to 0.9 percent, while the five-year debt may be offered in a range of 1.2 to 1.5 percent, Bloomberg reported today, citing unnamed sources.

The ministry raised a combined of 14 billion yuan from previous two sales of the so-called dim-sum bonds in Hong Kong in 2009 and 2010.