| China mulls issue of 1.55 trillion yuan of treasury bonds to buy forex |
BEIJING, June 27 (Xinhua) -- China's top legislature Wednesday began discussing a draft bill authorizing the Ministry of Finance to issue special treasury bonds that will be used to purchase 200 billion U.S. dollars of foreign exchange.
The 200 billion dollars will be entrusted to the nation's new foreign exchange investment company as operating capital.
The draft bill was submitted Wednesday to the ongoing session of the Standing Committee of the National People's Congress, China's top legislature.
The special treasury bonds will be issued in the form of negotiable book-entry T-bonds with a term of more than ten years. The coupon rate will be decided by the market, the draft said.
The annual ceiling on treasury bond issuance for 2007 will have to be adjusted, the draft said.
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