Baoshan Iron & Steel Co. Ltd. on Aug. 7 launched an offering of short-term bonds valued at 2 billion Chinese yuan.

Proceeds raised will be used on bank loans, the company said in an Aug. 9 filing. The maturity of the notes was set at 50 days and the interest rate at 2.37%.

The company said it issued a total of 9 billion yuan in short-term debt in May, June and July.

As of Aug. 8, US$1 was equivalent to 6.84 Chinese yuan.