Beijing approves policy banks' Rmb15b bond plan

Beijing has approved plans by two policy banks to raise a total of Rmb15 billion from offshore renminbi bond market in an effort to revive economic growth by financing public works projects.

China Development Bank, the biggest of the country's three policy lenders by assets, will raise Rmb5 billion in renminbi-denominated bonds in Taiwan, the National Development and Reform Commission, the state economic planner, said in a statement on Tuesday.

In a separate statement the NDRC said the Agricultural Development Bank of China, a policy lender focused on food security and agricultural development projects, received approval to raise Rmb10 billion on the offshore renminbi bond market to...