Agricultural Development Bank of China issued 3 billion Chinese yuan worth of offshore yuan bonds.

The Chinese policy bank raised 2 billion yuan through an issuance of one-year yuan bonds with a coupon of 3.08% to both retail and institutional investors, and 1 billion yuan via an issuance three-year bonds with a coupon of 3.23%.

The three-year bonds will be listed on five exchanges.

As of May 23, US$1 was equivalent to 6.93 offshore Chinese yuan.