Dam bond scrapped

PUBLISHED : Tuesday, 09 April, 1996, 12:00am
UPDATED : Tuesday, 09 April, 1996, 12:00am

China has scrapped plans for an initial one billion yuan (about HK$920 million) of international bonds to fund the Three Gorges dam project on the Yangtze river, the Wen Hui Daily reports.

Earlier plans to issue the international bonds in 1995 had been replaced by a decision to raise the funds through domestic funds based on China's rapidly growing foreign exchange reserves, the newspaper quoted officials as saying.

The Three Gorges branch of the People's Bank of China recently signed a deal to extend US$100 million in loans to the Three Gorges Development Corp, it said.