1954 national economic construction bond regulations

Article 1 The Central People's Government of People's Republic of China (PRC) issued 1954 national economic construction bonds in order to speed up the national economic construction and gradually improve people's material and cultural living standards. Article 2 The offering and repayment of principal and interest of bonds in this period shall be calculated in RMB. Article 3 The total amount of bonds in this issue is set at RMB 6 trillion, and the issuance time is from June 1954 to June 1 day, with interest calculated from June 1 day. Article 4 The bonds in this issue are divided into five denominations: 10,000 yuan, 20,000 yuan, 50,000 yuan, 100,000 yuan and 500,000 yuan. Article 5 The interest rate of this bond is 4%, and the interest is paid once a year on September 30th. 1955. Article 6 The principal of this bond will be repaid in eight installments within eight years. Starting from 1955, the principal will be repaid once a year on September 30th, with 5% for the first and second phases, 0/0% for the third and fourth phases, 0/5% for the fifth and sixth phases, and 20% for the seventh and eighth phases. Article 7 The People's Bank of China and its branches are designated to handle the issuance of bonds and the repayment of principal and interest. Article 8 This bond shall not be circulated as currency, and shall not be mortgaged to national banks or public-private joint banks. Article 9 Whoever forges or damages the credit of this bond shall be punished according to law. Article 10 These Regulations shall come into force as of the date of promulgation.