Bank of Beijing Co. Ltd. will issue up to 60 billion yuan worth of financial bonds, subject to shareholder approval.

The board approved a proposal for the lender to issue the bonds within a two-year period of receiving shareholder approval.

Meanwhile, the bank's board also approved a proposal for it to issue up to 500 million yuan worth of securities backed by nonperforming loans within two years.

As of Aug. 7, US$1 was equivalent to 6.72 Chinese yuan.