Bank of China's Sydney branch issued 2 billion yuan ($325 million) of yuan bonds on Wednesday, the first yuan bond in Australia, the bank said on Thursday.

The two-year bonds, with a coupon rate of 3.25 percent, were well received in the market, oversubscribed 1.45 times. Some 27.5 percent of the bonds were subscribed by local investors, said the bank.

The move came amid China's efforts to facilitate the use of yuan in the global market.

Earlier in February, the bank's Sydney branch and the Australian Stock Exchange signed a yuan clearing settlement to jointly develop a yuan clearing center.