China issues first batch of 2026 special treasury bonds

China launched the first batch of its 2026 special treasury bonds on Thursday to bolster the core capital and risk resilience of eight key state financial enterprises.

The move is expected to further strengthen the institutions' operational capacity, resilience to risks and ability to serve the real economy, providing stronger support for the country's steady and sound economic growth, according to a circular issued by the ministry.

The eight institutions include the Industrial and Commercial Bank of China, the Agricultural Bank of China, two policy financial institutions, and four state-owned commercial insurers.

The first phase, worth 150 billion yuan (around 22.37 billion U.S. dollars), is a five-year fixed-rate interest-bearing bond. Its coupon rate will be determined through competitive bidding. Interest begins accruing on Friday, with annual payments.

On September 7, the Ministry of Finance announced that it plans to issue 300 billion yuan (around 44.75 billion U.S. dollars) in special treasury bonds this year to support eight central financial enterprises in replenishing their core Tier 1 capital.

The 150 billion yuan tranche is the first installment of the 300 billion yuan plan. A seven-year tranche is scheduled for bidding on November 18, with details to be announced before issuance.

This marks the second round of such capital injections, following a 500 billion yuan (around 74.58 billion U.S. dollars) issuance in 2025 that supported four major state-owned banks

The U.S. dollar increased in late trading on Wednesday.

The dollar index, which measures the greenback against six major peers, added 0.4 percent to 102.242.

In late New York trading, the euro declined to 1.1199 dollars from 1.1261 dollars in the previous session, and the British pound decreased to 1.3219 dollars from 1.3277 dollars in the previous session.

The U.S. dollar bought 157.96 Japanese yen, lower than 158.12 Japanese yen of the previous session.

The U.S. dollar added to 0.8330 Swiss francs from 0.8313 Swiss francs, and it was up to 1.4256 Canadian dollars from 1.4209 Canadian dollars. The U.S. dollar was up to 9.9992 Swedish kronor from 9.9861 Swedish kronor.