China to Issue Special Treasury Bonds for State Bank Capital Injection

On April 20, Jin10 reported that China's Ministry of Finance has announced the issuance schedule for general and special treasury bonds, as well as special treasury bonds for capital injection into central financial institutions. According to Jin10, these bonds will be issued on May 22 and June 12, with maturities of five and seven years, respectively, and will pay interest annually. This marks the operational phase of the second round of state capital injections into major state-owned banks. Combined with the first round completed in 2025, the total capital support of 800 billion yuan aims to establish a systemic capital protection framework for all major state-owned commercial banks. Based on the first round's experience, the upcoming 300 billion yuan special treasury bond injection is expected to adhere to a 'one bank, one policy' approach. The market widely anticipates that the Industrial and Commercial Bank of China and the Agricultural Bank of China will be the primary focus of this round of capital injection.