Beijing to issue US$7.6b in T-bills

China has announced it will issue US$7.5 billion in certificate treasury bonds next month with terms of maturity of up to five years, the first batch of its kind to be issued this year, state media reported. The T-bonds include US$5.21 billion worth with a term of maturity of three years and an annual interest rate of 3.14% and US$2.2 billion with a five-year maturity at 3.49% a year. Interest will be calculated from the date of purchase and paid only on or after the date of maturity. The Ministry of Finance statement said the bonds would be available to the general public through the retailing outlets of the 37 underwriting institutions. Major underwriters are ICBC, Agricultural Bank, the BOC and the CCB.