BEIJING — The Agricultural Development Bank of China (ADBC), a rural policy bank, launched 13.2 billion yuan (about $1.89 billion) of bonds on July 13.

The three-year and five-year policy bank bonds, each worth 6.6 billion yuan, were issued through public bidding.

As the country's third-largest issuer of bonds, the ADBC has issued bonds to combat COVID-19, facilitate work resumption, secure the supply of agricultural products and support hog production this year, stabilizing market expectations and boosting market confidence.

The ADBC, also the biggest issuer of bonds serving rural development, has issued bonds worth over 10 trillion yuan domestically since it made its first market-based bonds issuance in 2004.

The funds raised were used to support national food security, poverty alleviation, rural infrastructure construction and agricultural modernization, among other important areas.