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Bank of Communications to issue up to 90B yuan of perpetual bonds

Bank of Communications Co. Ltd. plans to issue up to 90 billion yuan of perpetual bonds to boost its Tier 1 capital.

The notes may be issued in the domestic or overseas markets in equivalent foreign currencies, according to a Jan. 16 release.

The move is subject to shareholder approval, after which the resolution will be valid until Dec. 31, 2021.

As of Jan. 16, US$1 was equivalent to 6.88 Chinese yuan.