The Import and Export Bank of China, known as Exim Bank, borrowed US$500 million from a domestic banking group on Tuesday.

 

Eight financial institutions such as Bank of China (Hong Kong), Canada's Bank of Montreal and Standard Chartered Bank provided the foreign currency loan, with Bank of China acting as the paying agent.

 

This is the Exim Bank's first large-scale foreign currency loan this year.

 

Established in 1994 and solely owned by the central government, the Exim Bank is a state export credit agency and an important element in China's foreign trade system.

 

(Xinhua News Agency April 25, 2007)