CRI听力：China Issues 600 Bln Yuan of Special Treasury Bonds
China's Ministry of Finance said on Wednesday that all the foreign exchange that were bought with returns from the sales of a 600 billion-yuan or nearly 68 billion U.S. dollars special treasury bond would be used to fund the China Investment Co. Ltd.
Li Yong, Vice Minister of Ministry of Finance, says that the move is to better use the foreign exchange reserve so as to improve the overall competitiveness of Chinese enterprises in the international market.
"This is to restrain the excessive liquidity, and make better use of our huge foreign exchange reserve."
It's quoted that the annual interest rate of the bonds would be around 4.3 percent, basically matching the market rate for long-term debt. And the outstanding terms of the bonds would be ten to fifteen years.
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