China made a rare venture into the loan market.

In taking out a $110-million credit with three West German banks, China sought a syndicated direct loan for the first time in almost a decade. The loan was for financing trade between the two countries. The Bank of China took investors by surprise two years ago when it tapped the West German capital market for an international bond worth $82 million. That was the first foray by modern China into global bond markets since the 1949 revolution.

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