China to issue 60 bln yuan worth of e-saving bonds

A bank staff counts RMB and US dollar notes in a bank in Nantong, Jiangsu province on Aug 6, 2019. (Photo: Sipa)

BEIJING, Oct. 2 (Xinhua) -- China's Ministry of Finance said it plans to issue two more batches of electronic savings bonds totaling 60 billion yuan (about 8.8 billion U.S. dollars) next week.

One batch of bonds with a value not exceeding 30 billion yuan will have a maturity of three years and a fixed coupon rate of 3.8 percent, while the other batch of five-year bonds will come with a fixed coupon rate of 3.97 percent and issuance volume not topping 30 billion yuan, said a statement issued by the ministry.

The two bonds will be issued from Oct. 10 to Oct. 19, with interest to be calculated from Oct. 10 and paid annually, according to the statement.

Compared with other types of bonds, electronic savings ones are seen as a more convenient option as interest can be paid through direct deposit into investors' accounts.

These will be the third and the fourth batches of such bonds issued by the ministry this year.