Baoshan Iron & Steel Co. Ltd. on Oct. 9 launched a 2 billion Chinese yuan short-term debt offering to refinance debt, according to an Oct. 11 company release.

The interest rate for the notes was set at 2.8% and maturity at 30 days. Shanghai Pudong Development Bank Co. Ltd. was the underwriter of the issuance.

As of Oct. 10, US$1 was equivalent to 6.92 Chinese yuan.