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China Huarong Asset Management to issue up to 10B yuan of Tier 2 bonds

China Huarong Asset Management Co. Ltd. obtained regulatory approval to issue up to 10 billion yuan of Tier 2 capital bonds.

The company said Dec. 16 that it plans to use proceeds from the proposed issuance to replenish its capital and improve its capital adequacy ratio. The bonds will be issued in China's national inter-bank bond market.

As of Dec. 14, US$1 was equivalent to 6.91 Chinese yuan.