NDRC gives approval to CDB’s Rmb5bn Formosa bond

Sean Gladwell - Fotolia

China’s National Development and Reform Commission (NDRC) has finally approved China Development Bank (CDB)’s long-waited Formosa bond issuance in Taiwan. NDRC’s approval of a Rmb5bn ($790m) quota will make CDB the first Chinese bank headquarters to issue in Taiwan’s RMB market.