Bank of Communications (BOCOM) announced Wednesday that it will issue up to 20 billion yuan worth of renminbi-dominated bonds in Hong Kong by the end of 2012.

BOCOM plans to issue no more than 10 billion yuan of RMB bonds this year. The term of the bonds will be two to five years based on the market interest rate level and investor demand. The bonds will be sold to both institutional and individual investors in Hong Kong. Funds raised will be used for loans, increasing liquidity and general corporate purposes.

In July 2008, BOCOM sold 3 billion yuan worth of RMB bonds in Hong Kong.

China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.