China's finance ministry confirms sale of 600 bln yuan special bonds - UPDATE |
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Published
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Wed, 29 Aug 2007 12:45
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BEIJING (XFN-ASIA) - China's finance ministry confirmed that it has issued 600 bln yuan worth of 10-year special treasury bonds to the country's commercial banks with 4.30 pct coupon.The ministry said in a statement posted on its website that the issue will ease sterilisation pressure on the central bank brought about by China's external account surplus.It will also help policy coordination between the treasury and central bank, and will enable adjustment of liquidity in the system through buying and selling of the bonds.China's parliament had earlier approved the issue of 1.55 trln yuan worth of special treasury bonds by the finance ministry.The proceeds raised from bond sale to commercial banks will be used to purchase foreign exchange from the central bank, which will in turn buy back the bonds from commercial banks.The foreign exchange the treasury receives will be used to fund China's new state foreign exchange management agency.The new agency's name has been officially spelt out as China Investment Co Ltd.(1 usd = 7.55 yuan)jianbo.wu@xfn.comxfnjbw/xfnrc/xfnrcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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China issues 600 bln yuan worth of 10-yr special bonds at 4.3 pct 