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ICBC to issue up to 88B yuan of capital instruments

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ICBC to issue up to 88B yuan of capital instruments

Industrial& Commercial Bank of China Ltd. plans to issue up to 88 billionyuan of eligible Tier 2 capital instruments with a write-down feature.

The issuance, which will remain valid until Dec. 31, 2017, issubject to shareholder approval at the company's annual general meeting June24, the bank said May 10.

As of May 9, US$1 wasequivalent to 6.51 Chinese yuan.