Bank of China (BOC), one of China's four biggest lenders, has issued 20 billion yuan (around US$2.84 billion) in special financial bonds for small business loans in China.

The bond is a two-year fixed-rate offering with a final coupon rate of 3.25 percent and was subscribed 2.7 times, the BOC said in an online statement.

The funds raised will be used to extend loans to small businesses to support the real economy.

The BOC has been boosting its inclusive finance this year to enhance access to financial services, especially for small businesses.

The balance of its loans to small businesses stood at 404 billion yuan at the end of September, up 35.36 percent from the end of last year, providing services to about 410,000 small businesses.

In this issue, the lender simultaneously used its independently developed blockchain bond issuance system, the statement said.

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