Chinese float

The People's Construction Bank of China is to float dollars 120m ( pounds 80m) worth of bonds in London, making the bank one of the country's biggest overseas borrowers, the China Daily said yesterday. The state-owned bank has signed an agreement with 27 foreign banks and financial institutions for the issue, its second on the London market.

Last year, the bank floated dollars 150m worth of bonds in London, as part of about dollars 3bn raised in foreign monetary markets to fund more than 50 government projects.