Money

China to float 50b yuan in e-savings bonds

(Xinhua)
Updated: 2011-04-13 09:36

BEIJING - China's Ministry of Finance said Tuesday that it would launch three batches of electronic savings bonds worth up to 50 billion yuan ($7.64 billion) starting this week.

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The bonds include 10 billion yuan in one-year bonds with a fixed annual interest rate of 3.7 percent, 25 billion yuan in three-year bonds with an annual interest rate of 5.43 percent, and 15 billion yuan in five-year bonds with an annual interest rate of 6 percent, said a statement on the ministry's website.

This is the first time for the ministry to launch e-savings bonds this year. The three batches will be issued from April 15 to 28, with interest to be calculated from April 15 and paid annually, said the statement.

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

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