The fourth phase of 2006 evidence treasury bond will start issuing on September 1, with the nationwide issuing amount totaling RMB40 billion, including RMB28 billion of 3-year term and RMB12 billion of 5-year term with an annual rate of 3.39% and 3.81% respectively. CCB will underwrite RMB5.6 billion of the treasury bond from September 1 to 30, with the ratio of 3-year term to 5-year term being 7:3.

The face rate of the fourth phase of the evidence treasury bond is higher than that of the first three phases, up by 0.25 and 0.32 percentage points for 3-year and 5-year terms respectively, but lower than the interest rate of time deposit with the same term. However, given the tax exemption of evidence treasury bond income, the real yield of the product is higher than that of time deposit with the same term.