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China Minsheng Bank to issue up to 50B yuan of convertible bonds

China Minsheng Banking Corp. Ltd. plans to issue up to 50 billion yuan of convertible bonds.

Proceeds from the exercise will be included in the lender's core Tier 1 capital upon conversion, according to a Jan. 7 release.

The move has received regulatory approval.

As of Jan. 7, US$1 was equivalent to 6.94 Chinese yuan.