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600b yuan of bonds sold to PBOC
By Belinda Cao
Updated: 2007-08-30 07:07
The government has sold 600 billion yuan of bonds, the most ever, to fund
a company that will help invest the world's biggest foreign exchange
reserves.
The Ministry of Finance sold the 10-year bonds to the central bank at a
coupon of 4.3 percent, according to the website of the government's
biggest debt-clearing house.
China is setting up a $200 billion investment company to seek higher
returns on its $1.33 trillion of currency reserves, after cutting US
Treasury holdings in the second quarter. The new fund bought a $3 billion
stake in New York-based Blackstone Group LP in May.
Chinese investors held $405 billion, or 18 percent of foreign-held US
Treasuries at the end of June, second only to those from Japan.
China's reserves management agency's assets would exceed Singapore's
Temasek Holdings Pte, which had $107 billion under management as of
March. Norway runs a $327 billion global pension fund to preserve the
country's oil wealth for future generations.
Lawmakers approved a special issue of 1.55 trillion yuan in debt for the
new fund in June, which is more than half the size of the 3 trillion yuan
government debt market.
The People's Bank of China will gradually sell the debt into the market
to drain cash from the banking system.
Bloomberg News
(China Daily 08/30/2007 page13)
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