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Chinanews, Beijing, July 6 – Preparation work is well under way for China to issue the special treasury1 bonds. In September, China might establish a national foreign currency investment company to manage the bonds. According to some insiders, the investing company will be called the China Investing Co., Ltd, the China Securities Journal reported.
In response to some people’s fear that the issue of state treasury bonds will largely tighten2 the excessive money supply in the market, an expert said that the state treasury bonds would be issued to replace some of the central bank notes, so the treasury bonds would exert little influence on the flow of the money supply in the market. It is expected that the treasury bonds, valued at 1.55 trillion yuan in total, will be issued in three or four batches3. The issuing work might be completed by March, next year. According to Chinese banking4 law, the central bank can not buy state treasury bonds directly. So, the state treasury bonds will be sold to the central bank in the form of replacing its bank notes. The aim of the Ministry5 of Finance in issuing the state treasury bonds is to get the principal, in the form of foreign currency reserves, for the China Investing Company to invest abroad. After the new investing company is established, the Central Huijin Investment Co. might become one of its departments, although it will keep its former name.
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