China issues first batch of bonds to fund new forex investment agency
Posted: 29 August 2007 1504 hrs
BEIJING: China was to sell nearly 80 billion US dollars worth of government bonds Wednesday in the first batch of a planned special issue to fund a new foreign exchange investment agency, state media reported.
The Ministry of Finance was to issue on Wednesday 600 billion yuan (79.4 billion US dollars) as part of the planned special treasury bonds sale totalling 1.55 trillion yuan, said the China Securities Journal.
Proceeds of the bond issue, authorised by China's parliament in late June, will be injected into the new state forex investment agency, tasked with diversifying and maximising returns on part of the country's huge forex reserves.