The State Development Bank (SDB) is expected to adopt the issuing of seven-year financial bonds in an amount up to 20 billion yuan (2.4 billion US dollars) on December 9. According to today's Financial Times, the seven-year bonds will be sold solely to Chinese commercial banks, insurance companies, and rural credit cooperatives through public bidding.

The interest rate of the bonds will floating every year with the changing annual interest rate for one-year bank savings set by the central bank, plus a fixed 0.987 percentage points.

Chinese underwriters will have the final say on the sales of the bonds, and the result of the bond sale will be publicized on December 10. (Xinhua)