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China approved city commercial banks to issue perpetual bonds for first time

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Chinese authorities have approved two city commercial banks to issue perpetual bonds to replenish capital, in another move to support the country's smaller banks amid renewed market concerns after two local banks suffered bank runs recently and three regional banks received government bailout earlier this year.

Huishang Bank based in Hefei city of central China's Anhui province and the Bank of Taizhou based in eastern China's Zhejiang province have been approved to issue no . . .

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