China's first onshore syndicated term loan in US dollars was signed Monday in Beijing between the China Export & Import Bank (Eximbank) and a syndicate comprising both Chinese and foreign banks.

The 500 million USD syndicated loan is the largest ever syndicated loan borrowed by a Chinese bank, and it is also the first domestic syndicated loan jointly organized by Chinese branches of foreign banks and their Chinese counterparts.

A spokesman for the Eximbank said that the measures for monitoring foreign debt by overseas banks in China promulgated in last May paved the way for the Eximbank to organize the syndicated loan. According to related stipulations in the measures, the Eximbank no longer needs to apply for foreign debt quota to raise capital in foreign exchange through this way.

"What's important is that foreign banks in China enjoyed full national treatment in this syndicated loan," he said.

The syndicate, led by Citigroup, includes 19 Chinese and overseas banks. The total subscribing volume reached 750 million US dollars.