China Plans $44 Billion Bonds to Boost Capital at Top Banks

China will issue special sovereign bonds to recapitalize some of its largest banks, marking an expansion of Beijing’s efforts to fortify the nation’s $69 trillion financial system against a cooling economy and market volatility.

A total of 300 billion yuan ($44 billion) worth of special government bonds will be sold this year to replenish core tier-1 capital at large commercial banks, according to a Ministry of Finance report seen by Bloomberg News.