Economy

China to float 30 billion yuan e-saving bonds

(Xinhua)
Updated: 2010-06-04 20:01

BEIJING - China's Ministry of Finance (MOF) announced Friday that it would launch two more batches of electronic savings bonds worth up to 30 billion yuan ($4.4 billion) from next week.

One batch worth 20 billion yuan had a term of one year, with a fixed annual interest rate of 2.6 percent, said a statement on the ministry website.

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The other batch of three-year bonds is worth 10 billion yuan at a fixed annual interest rate of 3.73 percent.

The two bonds would be issued from June 12 to 26, with interest to be calculated from June 12 and paid annually, said the statement.

These bonds were open to only individual investors, the MOF said.

Electronic savings bonds are seen as more convenient than other types of bonds as interest can be paid through direct deposit into the investor's account.

This is the second time the ministry has launched such bonds this year, after the first issuance of two batches in April.