China will float US$6.48 billion in electronic savings bonds

Bonds will be issued from Aug.10 to 19.

The Ministry of Finance said yesterday it will issue two batches of electronic savings bonds. The two batches will be the seventh and eighth issuances of such bonds this year.

The seventh batch is worth US$3.9 billion and carries a term of three years with a fixed annual interest rate of 5%. The eighth issuance of five-year bonds is worth US$2.6 billion at a fixed annual interest rate of 5.41. Interest will be calculated from Aug. 10 and paid annually.

The bonds will be available to individual investors at counters of the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and China Guangfa Bank, MOF said.

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