China will issue billions of dollars worth of bonds.

Bonds worth about $4.6 billion will be issued this year, and China will open long-term money markets, a senior official of the People’s Construction Bank of China said. The money market will consist primarily of bond trading, bank Vice President Zhou Hanrong told the official Xinhua News Agency. The bonds will be used to help finance processing industries and various high-priority projects, Zhou said. The report did not say how the bonds would be denominated or when they would be issued, or what the annual interest rate and term periods would be.