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China to float 26b yuan in treasury bonds

By Wang Bo (chinadaily.com.cn)
Updated: 2008-12-11 15:45

The Ministry of Finance said China will issue 26 billion yuan ($3.79 billion) worth of treasury bonds on Dec 18, marking the start of the country's scaling up of treasury bond issues next year to help finance its massive economic stimulus plans.

Special coverage: Central Economic Work Conference Related readings:  China to issue US$3.46 billion T-bonds  US treasury bonds 'still the best option'  China issues $2.9b bonds for railway construction  China to float $3.6b in 10-year T-bonds

The five-year book-entry T-bonds, the 26th batch of this year, is deemed to be the last issuance this year and will be released for bidding on Dec 17.

Analysts said the country will increase treasury bonds issuance to help finance its 4 trillion yuan ambitious economic stimulus plan next year.

Top policymakers are reported to have discussed expanding next year's budget deficit to 280 billion yuan during the three-day Central Economic Work Conference, which wrapped up on Wednesday.

That would be 100 billion yuan more than the country's estimated 180 billion yuan budget deficit this year, and the government is considering floating another 500 billion yuan in long-term construction treasury bonds, the 21 Century Business Herald reported Wednesday.

By November, the country floated 649.449 billion yuan in bonds this year. Taking the current issuance into account, the total amount will reach 675.449 billion yuan.

In China's 2008 budget plan, it kept the treasury bond balance at about 5.5185 trillion yuan with the fiscal deficit ratio at 0.6 percent and the proportion of treasury bonds in the GDP at 19.5 percent, lower than the 0.8 percent and 20.9 percent in 2007.

"Currently, the treasury bonds balance is around 4.8 trillion yuan, far below the amount in the budget plan," said Wu Siming, an analyst with Shenzhen-based Lianhe Securities.

"There is still much room for more bond issuance next year," he said. "On one hand, with the lowered required reserve ratio, banks have adequate capital at hand. Also, when compared with other nations, China's treasury bonds issuance is at a relatively low level."