A credit analyst at an investment firm is estimating the 99% credit VaR of a 1-year zero-coupon bond, the only debt issued by the firm. The analyst obtains relevant data presented below:

• Face value of the firm's 1-year zero-coupon bond: CNY 630 million

• The bond's expected 1-year probability of default (PD): 6%

• The bond's 1-year recovery rate: 90%

Assuming the variation of the future value of the bond is solely due to the possibility of default, and the analyst's estimate of the value of the bond in 1 year at the 99% confidence level is CNY 567 million, what is the bond's implied 1-year 99% credit VaR?