China's finance ministry announced that it will start selling the first batch of a planned 1 trillion yuan ($138.37 billion) worth of ultralong special treasury bonds on Friday, as Beijing looks to provide more support to the world's second-largest economy.
The sale will run from May to November, with an unspecified amount of 30-year treasurys set to be issued Friday, according to an post on the finance ministry's website. Bonds in the 20- and 50-year tenors will be sold starting May 24 and June 14 respectively.
Chinese Premier Li Qiang announced the bond sale plan in a March government report to lawmakers and said Beijing might continue to conduct sales for "the next few consecutive years."
He said the funds raised will be used to support mega projects and sectors that align with key strategic development aims, and promote national security.
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(END) Dow Jones Newswires
05-13-24 0014ET
