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China's ICBC inks 30B yuan of debt-for-equity deals

Industrial & Commercial Bank of China Ltd. signed debt-for-equity swaps worth 30 billion yuan with Taiyuan Iron & Steel Group, Datong Coal Mine Group and Yanguan Coal Industry Group, Reuters reported Dec. 26, citing local news provider Shanxi Youth Finance.

The bank will invest in the three firms to swap their existing debt and reduce their corporate leverage by as much as 10%.

The bank did not confirm the total value of the deals when contacted by Reuters.

As of Dec. 27, US$1 was equivalent to 6.95 Chinese yuan.