Ping An Bank Co. Ltd. has redeemed 9 billion yuan of Tier 2 bonds that it issued in 2014.

The 10-year notes carried a 6.80% coupon and a right for the lender to redeem them after five years.

The redemption was completed March 7, according to a March 9 release.

As of March 8, US$1 was equivalent to 6.72 Chinese yuan.