Chinese banks to issue US$6.47 billion in e-savings bonds

Bonds will be issued from July 10 to 19.

Two batches of electronic savings bonds will be issued by China's Ministry of Finance. Both will be the fifth and sixth issuance of e-savings bonds this year.

The fifth batch is worth US$3.9 billion and carries a term of three years with a fixed annual interest rate of 5%. The sixth issuance of five-year bonds is worth US$2.6 billion at a fixed annual interest rate of 5.4%. Interest will be calculated from July 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.

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