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Bank of Ningbo issues 7B yuan of micro, small enterprise bonds

Bank of Ningbo Co. Ltd. raised 7 billion yuan by issuing micro and small enterprise bonds in two tranches.

They comprised 6 billion yuan of three-year notes carrying an annual coupon of 3.46%, and 1 billion yuan of five-year notes with a 3.80% coupon.

The notes were issued Oct. 16, the lender said in an Oct. 19 release, with proceeds to be used as loans to micro and small businesses.

China's government has been taking steps to encourage banks to lend more to small businesses. For instance, the central bank in January broadened its definition of small and micro enterprises in a bid to encourage lending to such setups. In 2018, the central bank cut reserve requirement ratios for banks four times to boost liquidity.

As of Oct. 18, US$1 was equivalent to 7.08 Chinese yuan.