China to sell electronic bonds

SHANGHAI: China's Ministry of Finance (MOF) plans to sell up to 40 billion yuan ($6.27 billion) worth of electronic bonds to retail investors between July 20-29 the ministry said on Saturday.

The bonds, which pay interest directly into investors' accounts, will be released in two batches the 9th and 10th issues of such bonds this year, MOF said in a statement.

The 9th batch, a 3-year bond, will be auctioned at an average annual yield of 4.76 percent. The 10th batch, a 5-year bond, will be sold at an annual yield of 5.32 percent.

The issuance can be cancelled if China's central bank adjusts interest rate before July 20.