(ATF) Financial bonds issued by China Development Bank (CDB), a major policy bank, reached 20 trillion yuan ($2.82tn) on Thursday.
The lender’s outstanding financial bonds stood at 9.8tn yuan, accounting for 9.2% of China’s total, CDB said in an online statement.
CDB will continue to play a leading role in development-oriented financial innovation, promote the reform and opening-up of the bond market, and serve the development of the real economy, the statement said.
Chinese banks have become vehicles for trillions of dollars of credit-funded investment to boost the economy after the coronavirus epidemic inflicted China’s first quarterly contraction in generations.
Founded in 1994, CDB is designed to provide finance to major national projects and development strategies. It has become the world’s largest development finance institution, and the largest Chinese bank for foreign investment, long-term lending and bond issuance.
