China Coal Energy Co. Ltd. said Aug. 10 that it secured approval from Chinese authorities to raise no more than 10 billion Chinese yuan by issuing medium-term notes in the domestic market within two years.

The issuance is part of the Chinese producer's plan to secure up to 40 billion yuan by issuing debt in domestic or foreign markets.

The company did not disclose the purpose or other details of the planned fundraising.

As of Aug. 9, US$1 was equivalent to 6.68 Chinese yuan.