China Development Bank plans to raise up to 32 billion yuan through the issuance of benchmark bonds in four tranches.

The policy bank said Oct. 11 that it will issue up to 12 billion yuan of 10-year bonds with a coupon of 4.04%, 6 billion yuan of seven-year bonds with a coupon of 4.73%, 8 billion yuan of five-year bonds with a coupon of 3.76% and 6 billion yuan of three-year bonds with a coupon of 3.68%.

The bonds will be issued Oct. 18 and will be listed on China's interbank bond market Oct. 22.

As of Oct. 11, US$1 was equivalent to 6.89 Chinese yuan.