BEIJING - The Agricultural Bank of China (ABC) said Tuesday it has issued 1.5 billion yuan ($246 million) in yuan-denominated bonds in Taiwan, making it the first mainland bank to issue yuan bonds in the island.

In the batch, ABC sold both three-year and five-year bonds, at yields of 3.3 percent and 3.6 percent respectively.

Taiwan's financial authorities last week officially approved issuance of yuan bonds in the island by banks based in the mainland.

ABC said it will continue to take part in the construction and development of offshore yuan markets as the Chinese currency expands its global reach and is expected to appreciate.