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Bank of Communications to issue 20B yuan of green bonds

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Bank of Communications to issue 20B yuan of green bonds

Bank of Communications Co. Ltd. received regulatory approval to issue up to 20 billion Chinese yuan of green bonds China's national interbank bond market.

The bank obtained approvals from the People's Bank of China and the China Banking Regulatory Commission. In March, the bank had said it plans to issue up to 70 billion yuan of green bonds through 2017.

The bank said it will use proceeds from the bond issuance to make loans to green industry projects.

As of Oct. 16, US$1 was equivalent to 6.59 Chinese yuan.