The 2006 evidence treasury bonds (third phase), worth a total of RMB 40 billion, will start to be issued on June 1, including RMB 28 billion of three-year term and RMB 12 billion of five-year term with an interest rate of 3.14% and 3.49% respectively. CCB will underwrite RMB 5.6 billion during this phase. The insurance period will range from June 1 to June 30, and the proportion of bonds with three-year term to those with five-year term is 7 to 3. 

The par interest rates of this second phase of bonds are lowered by 0.1% and 0.11% respectively against the interest rates of deposit with the same term. Since investors need not pay tax for treasury bonds, the real yields of this phase of treasury bonds are still appealing.