China Merchants Bank Co. Ltd.'s board approved a plan to issue up to 50 billion yuan worth of undated capital bonds with a write-down feature to replenish its additional Tier-1 capital.
The lender said Aug. 23 that it will have the right to redeem some or all of the subordinate debt after five years of issuance.
As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.
