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U.S. DOLLAR GLOBAL BOND ISSUE -- PEOPLE'S REPUBLIC OF CHINA

 BEIJING, People's Republic of China, Jan. 14 /PRNewswire/ -- The People's Republic of China ("China") has filed a registration statement today with the Securities and Exchange Commission in the United States covering US$1 billion principal amount of bonds for a global offering in the United States, Europe, Asia and elsewhere where it is legal to make such offers. The issue will be lead managed by Merrill Lynch & Co., with an international group of co-lead managers.
 The proposed issue is the first global U.S. dollar financing by China. The global distribution and secondary market trading of the issue are expected to be facilitated by links which will be established between clearing systems in Europe and the United States. Application will be made to list the bonds on the Luxembourg Stock Exchange and the Stock Exchange of Hong Kong Limited.
 Outstanding debt securities of China are rated A3 by Moody's Investors Service, BBB by Standard & Poor's Corporation and A- by Fitch Investors Service.
 A preliminary prospectus with respect to the proposed offering may be obtained by contacting: Preliminary Prospectus Department, Merrill Lynch & Co., 250 Vesey Street, New York, N.Y. 10281.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 1/14/94
 /CONTACT: Joanne Tutschek, 212-449-7278, or Lindsey Howes, 212-449-9681, both of Merrill Lynch/


CO: People's Republic of China ST: IN: SU: OFR

JG-TW -- NY054 -- 2115 01/14/94 15:16 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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