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Bank of Beijing to issue up to 60B yuan of bonds

Bank of Beijing Co. Ltd. will issue up to 60 billion yuan worth of financial bonds, subject to shareholder approval.

The board approved a proposal for the lender to issue the bonds within a two-year period of receiving shareholder approval.

Meanwhile, the bank's board also approved a proposal for it to issue up to 500 million yuan worth of securities backed by nonperforming loans within two years.

As of Aug. 7, US$1 was equivalent to 6.72 Chinese yuan.