Ministry of Finance, People's Bank of China and China Securities Regulatory Commission, Circular on the Pilot Project of the Launch of Advance Offering of Treasury Bonds

Main contents: Advance offering of treasury bonds may be conducted between four statutory working days and one statutory working day prior to the date of invitation for bids for treasury bonds (Article 1). The national interbank bond market and stock exchange bond markets shall be the designated trading venues for the pilot project of the launch of advance offering of treasury bonds (Article 2). The net sale balance of treasury bonds offered in advance of Type-A members of each underwriting syndicate of book-entry treasury bonds may not exceed 6% of the offering volume, while the limit is 1.5% of the offering volume for Type-B members. Members of the underwriting syndicate of non-book-entry treasury bonds may not carry out net sales during the advance offering of treasury bonds (Article 5).