Bank of China Ltd.said March 30 that its board approved a plan to issue qualified write-down Tier2 capital bonds to raise up to 60 billion yuan.

The bonds will have a tenor of not less than five years.

Proceeds will be used to replenish the bank's Tier 2 capital.

The proposed issuance is subject to approval from shareholdersand the China Banking Regulatory Commission.

As of March 30, US$1 wasequivalent to 6.47 Chinese yuan.