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Bank of Communications redeems 28B yuan of capital bonds

China's Bank of Communications Co. Ltd. redeemed 28 billion yuan of Tier 2 capital bonds.

The 10-year fixed interest rate bonds were issued in August 2014.

The notes were redeemed Aug. 19, according to a same-day release.

As of Aug. 19, US$1 was equivalent to 7.05 Chinese yuan.