China bank to issue $14.5 billion yuan in bonds

The Agricultural Development Bank of China plans to issue 120 billion yuan ($14.5 billion) in bonds in 2005, in part to help finance government purchases of grain, the official People's Daily said on Saturday. Of the total, 50 billion yuan will have six-month terms while 70 billion yuan will have a maturity of more than one year, the newspaper said. The bank, one of China's three policy banks, has successfully issued 53 billion yuan worth of bonds, it said. About 40 billion yuan will be used to help finance government purchase of grain, cotton and oil from farmers, the newspaper said, adding that an unspecified amount will be used to meet fund needs of leading farm enterprises.