Chinese policy lender - Agricultural Development Bank of China (ADBC) has been approved by the National Development and Reform Commission (NDRC) to float 10 billion yuan-denominated bonds in overseas markets, according to an announcement posted on NDRC's website Tuesday.
ADBC was given the bond issuance quota to raise funds to finance key state water conservancy projects and other key programs related to agriculture, rural areas and farmers such as cotton, grain and oil purchase, sales and storage.
ADBC is one of China's policy banks and its bonds can enjoy zero risk weighting until maturity.
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