Agricultural Bank of China (ABC) has received approval from its board to issue no more than 10 billion yuan ($1.52 billion) worth of renminbi-denominated bonds in Hong Kong. The maturities will be less than five years, according to a statement by the bank, the Shanghai Securities News reported Friday.

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The statement, released late Thursday, said the sales will be done within two years and the capital raised through the issuance will be used to extend yuan-denominated loans, replenish working capital and various other things.

About 74.4 billion yuan worth of yuan-denominated bonds were issued in Hong Kong by the end of January, Financial Secretary John Tsang said, according to a Reuters report.

The Bank of Communications and Bank of China also plan to issue renminbi-denominated bonds in Hong Kong in the next two years, both for 20 billion yuan, previous reports said.