Industrial and Commercial Bank of China Ltd. (ICBC) issued 10 billion yuan (about US$1.2 billion) worth of renminbi-denominated financing products on Monday.

 

Such products yield more than time deposits at banks, and their issuing banks also make money by investing the collected funds in monetary market products, including central bank bills with higher interest rates.

 

ICBC, the country's biggest commercial bank by assets, said in a statement the expected yield for its products is 2.15 percent for purchases of 50,000-100,000 yuan (US$6,250-12,500), or 1.19 times the interest income of one-year bank deposits, and 2.35 percent for more than 100,000 yuan.

 

Sales of the one-year financing products will end on April 13, the bank said.

 

(Xinhua News Agency March 28, 2006)