China is moving forward with plans to issue its first sovereign bonds in dollars since 2004 in a deal that will put a symbolic seal of approval on the booming offshore Asian debt market.

The Ministry of Finance was scheduled to meet with bankers in Beijing Wednesday to discuss the sale, according to people familiar with the plans. The deal is aimed for as soon as this month, according to the people, who asked not to be named as the specifics aren't public. The MOF said in a statement it will sell $2 billion worth of notes.

While China's government doesn't need to borrow offshore, with a domestic debt market that's now the world's third-largest, its bonds will provide a new benchmark for pricing the country's state-owned enterprises. A successful deal will pull down those borrowing costs, and may fuel further sales after what's been record issuance so far this year.