China Development Bank wins approval to issue RMB 580 bln bonds

China Development Bank (CDB), a policy bank under the direct jurisdiction of the State Council, announced on Thursday that it won the approval from the People's Bank of China to issue RMB 580 billion worth of financial bonds this year, said the bank in a statement.

The bonds will include RMB 530 billion worth of medium- and long-term bonds and RMB 50 billion worth of short-term bonds. The policy bank will issue medium- and long-term bonds every month, according to the timetable in the statement.

Last year, CDB has issued totally RMB 680.07 billion worth of bonds, less than the targeted RMB 790 billion.

Earlier reports said Central Huijin, China's investment arm, had decided to invest US$20 billion into the policy bank, in a bid to reconstruct it into a commercial bank.