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Postal Savings Bank of China to issue 80B yuan of bonds

Postal Savings Bank of China Co. Ltd. proposed to issue up to 80 billion yuan of write-down undated capital bonds in domestic and foreign markets.

Interest rates of the bonds will be determined with reference to the market interest rates. The bonds will remain outstanding for as long as the bank's business operates, according to an Aug. 20 filing. The bank's board approved the proposed issuance, which is still subject to approval from shareholders.

The bank plans to use proceeds from the issuance to replenish its additional Tier 1 capital.

As of Aug. 19, US$1 was equivalent to 7.05 yuan.