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China Life to raise up to 80B yuan in debt-financing plan, names compliance head

China Life Insurance Co. Ltd. said June 5 that it plans to raise up to 80 billion yuan over the next three years by issuing domestic or offshore debt instruments to supplement its capital and boost solvency.

The plan will be valid for 36 months from the date of shareholder approval.

The insurer also appointed Xu Chongmiao head of compliance, also subject to shareholder approval.

As of June 5, US$1 was equivalent to 6.41 Chinese yuan.