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China's legislators to discuss special bond issuance for forex investment

(Xinhua)
Updated: 2007-06-20 08:45

China's top legislature is to discuss an issuance of special treasury bonds by the Ministry of Finance (MOF) for the country's foreign exchange investment at a six-day session beginning on June 24.

The Chinese government said in March it would establish a state foreign exchange investment company this year to maximize returns on the country's huge foreign exchange reserves.

Related readings:  China to float 30 billion yuan of T-bonds  China approves record corporate bond issue  Treasury bond to be issued Find more in Markets Watch

B y the end of March this year, China's foreign exchange reserves had reached 1.2 trillion U.S. dollars, up 37.4 percent on the previous year, mostly invested in low-yielding dollar bonds.

Tuesday's Shanghai Securities News quoted an unnamed insider assaying the company would receive capital from the MOF, which planned to issue 200 billion to 250 billion dollars of special treasury bonds to purchase the same amount of foreign exchange from the central bank.

In May, the company, which was not yet fully established, agreed to invest three billion dollars in the U.S. private equity firm the Blackstone Group.

Other economic issues on the agenda of the 28th session of the Standing Committee of the 10th National People's Congress (NPC) include a draft anti-monopoly law and a draft amendment to the law on energy conservation.