(Yicai Global) Dec. 26 -- Mizuho Bank Ltd. has become the first Japanese bank to receive approval from China's central bank to issue bonds in China's interbank bond market,

Mizuho will issue CNY500 million (USD76 million) in three-year panda bonds and is already preparing for their release, 21st Century Business Herald reported.

The Vice Minister of China's Ministry of Finance, Shi Yaobin, recently talked with Japan's Takao Ochi, State Minister at the Cabinet Office in Beijing. As a result of the discussions, the Chinese ministry and Japan's Financial Services Agency and Certified Public Accountants and Auditing Oversight Board will exchange information on audit supervision.

The exchange will protect investors in China and Japan's capital markets and facilitate the cross-border bond issuance of panda bonds and samurai bonds by institutions in both countries.

Panda bonds are yuan bonds that foreign institutions issue in China. Samurai bonds are yen-denominated bonds that overseas institutions issue in Japan.