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China to sell 30b yuan e-savings bonds

(Xinhua)
Updated: 2011-07-06 11:30
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BEIJING--The Ministry of Finance (MOF) said Tuesday that it will start selling three batches of electronic savings bonds worth up to 30 billion yuan ($4.64 billion) Sunday.

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The bonds include 6 billion yuan in one-year bonds with a fixed annual interest rate of 3.7 percent, 15 billion yuan in three-year bonds with an annual interest rate of 5.43 percent, and 9 billion yuan in five-year bonds with an annual interest rate of 6 percent, accoring to a statement on the ministry's website.

The statement also said that three batches will be issued from July 10 to 23 onwards with the interest rate to be calculated as the date and paid annually. But the issuance will be suspended if the interest rate increases during this period.

These bonds are only open to individual investors, it said.

Electronic savings bonds are considered to be more convenient than other types of bonds as interests can be paid directly through the investor's account.
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