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ICBC to issue up to 80B yuan in capital bonds

Industrial & Commercial Bank of China Ltd. plans to issue new capital instruments up to 80 billion yuan.

The bank proposed 40 billion yuan each of Tier 1 and Tier 2 capital bonds in foreign currency. The Tier 1 bonds will be issued in the offshore market, while the Tier 2 bonds will be issued in domestic and offshore markets.

As of Jan. 7, US$1 was equivalent to 6.94 Chinese yuan.