Economy

China to sell e-savings bonds worth 30b yuan

(Xinhua)
Updated: 2011-07-05 20:45

BEIJING - The Ministry of Finance said Tuesday that it will start selling three batches of electronic savings bonds worth up to 30 billion yuan (about $4.64 billion ) on Sunday.

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, said a statement on the ministry's website.

The three batches will be issued from July 10 to 23, with interest to be calculated from July 10 and paid annually. But the issuance will be suspended if interest rate hikes occur during the issue period, said the statement.

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

Electronic savings bonds are considered more convenient than other types of bonds as interest can be paid by directly into the investor's account.