Huaxia Bank approved to issue up to 10b yuan of green bonds

BEIJING - Huaxia Bank, a mid-sized lender in China, has gained approval from the People's Bank of China to issue up to 10 billion yuan ($1.4 billion) of green bonds to fund environmentally friendly projects.

After the issuance, the bonds will be traded in China's interbank bond market, the bank said in a statement, promising timely and accurate information disclosure to ensure the funds are used on green industry projects.

China has been pushing the development of green finance to support its industrial upgrading and anti-pollution drive in recent years.

China announced a plan in 2016 to establish a national green finance mechanism, becoming the first country to make such a move in the world.