Bank of China announced that it was approved to provide a clearing service for China's first-ever US dollar-denominated financial bond.
The bond, which amounts to US$500 million, was issued in September 2003 by China Development Bank and placed under the trusteeship of the China Government Securities Depository Trust and Clearing Co.
China Development Bank said it would use proceeds from the bond issue to support state-owned enterprises in debt restructuring, lowering financing costs and handling existing foreign debts.