How to Invest
Choosing the Securities you Want to Buy
Treasury Bills

Issuer Government of the People’s Republic of China
Tenor 2-5 years
Currency Chinese renminbi
Interest Payment Zero coupon
Method of Sale in the Primary Market Either by mandatory allocation to Government banks to distribute bonds directly to individuals or via underwriting syndicates; both with the People’s Bank of China as chief coordinator.
Minimum Denomination None specified
Who may buy With the exception of Qualified Foreign Institutional Investors (QFIIs),   foreign investors are not allowed to purchase Treasury Bills.
Redemption None specified
Taxation None
Secondary Market Trading Interbank participants and domestic institutional investors trade over-the-counter in bearer form. Smaller domestic investors and QFIIs trade listed securities on the Shanghai or Shenzhen stock exchanges.

Government Bonds

Issuer Government of the People’s Republic of China
Tenor up to 30 years
Currency Chinese renminbi
Interest Payment Discounted security or fixed/floating-rate coupon. Coupon payment dates: annual/semiannual.  Interest accrual basis:  Actual/365
Method of Sale in the Primary Market Either by mandatory allocation to Government banks to distribute bonds directly to individuals or via underwriting syndicates; both with the Ministry of Finance as chief coordinator.
Minimum Denomination None specified
Who may apply With the exception of Qualified Foreign Institutional Investors (QFIIs), foreign investors are not allowed to purchase Government Bonds.
Redemption Bonds are redeemed at maturity.
Taxation None
Secondary Market Trading Interbank participants and large institutional investors trade over-the-counter in bearer form. Smaller domestic investors and QFIIs trade listed securities on the Shanghai or Shenzhen stock exchanges.