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MOR sells 20b yuan in 1 year bonds

(Global Times)

08:25, May 18, 2012

The Ministry of Railways (MOR) yesterday sold 20 billion yuan ($3.16 billion) in bonds with a maturity of one year, which will be used to fund construction projects and purchase new rail vehicles.

The MOR suffered a deficit of 6.98 billion yuan in the first quarter, the Shanghai Clearing House reported on May 2.

While the ministry can issue bonds to support major construction projects it should also focus on improving its operation efficiency to pay off its massive debts, say experts.

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