Issuance of the 2007 evidence treasury bond (first phase) will start on March 1. A total amount of RMB30 billion will be sold nationwide, including RMB21 billion of three-year term and RMB9 billion of five-year term, with the annual interest rate of 3.39% and 3.81% respectively. CCB will underwrite RMB4.86 billion worth bond from March 1 to 31, with the ratio between three-year and five-year terms at 7 to 3.

The par interest rates of the first phase of bonds were lowered by 0.3 and 0.33 percent point 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.