Chongqing Rural Commercial Bank Co. Ltd. said MAy 9 that it raised 3 billion yuan via an issuance of bonds.

The three-year, fixed-rate bonds were priced with a coupon of 4.50%.

Proceeds will be used to replenish the bank's working capital so as to boost its operational strength and support business development.

The issuance was approved by the People's Bank of China and the China Banking and Insurance Regulatory Commission.

As of May 9, US$1 was equivalent to 6.36 Chinese yuan.