The Ministry of Finance announced Tuesday that it would issue treasury bonds worth 60 billion yuan (US$7.2 billion) between March 10 and May 9.
The registered bonds include 42 billion yuan in three-year term with a par interest rate of 2.42 percent and 18 billion yuan in five-year term with an interest rate of 2.74 percent.
The Ministry said the interest rates will be readjusted accordingly if interest rates of bank deposits change during the period March 10 to May 9.
Since 1998 China has used 9.8 billion yuan (US$1.2 billion) worth of government bonds for building roads to link its poverty-stricken counties with national highways. A total of 13,670.8 miles of roads will be completed by the end of the year.
(Xinhua News Agency March 5, 2002)
