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Jilin Jiutai Rural Commercial Bank to issue up to 1.3B yuan of capital bonds

Jilin jiutai Rural Commercial Bank Corp. Ltd. plans to issue up to 1.3 billion Chinese yuan of Tier 2 capital bonds.

The bank said March 27 that the bonds will have a maturity of no less than five years. The interest rate will be determined through a public bidding procedure.

Proceeds from the issuance will be used to replenish the bank's Tier 2 capital.

The issuance is subject to approval from stockholders at the shareholders' general meeting.

As of March 28, US$1 was equivalent to 6.89 Chinese yuan.