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Ping An Bank seeks 20B yuan from perpetual bonds

Ping An Bank Co. Ltd. is seeking to raise 20 billion yuan from issuing perpetual bonds to replenish its capital.

The bank has an option to redeem the bonds five years after the issuance, according to a Dec. 19 release. The bonds will be issued Dec. 24.

The interest rate is not yet determined.

As of Dec. 19, US$1 was equivalent to 7.01 Chinese yuan.