English Chinese translation sample-Book-entry T-Bond - Helpful Tips1

（Edited by freelance Chinese translator li – English to Chinese translation or Chinese to English translation services- financial translation）

☆ Helpful Tips - FAQs
1. Which kind of bond can be traded over-the-counter?
Bonds can be traded over-the-counter at commercial bank are bond designated by Ministry of Finance and approved by Peoples' Bank of China. Types of bond products, issue scale, and issue period will be announced by PBC and Ministry of Finance in public media.
　　☆ 温馨提示——常见问答
　　1. 哪些债券可以进行柜台交易？
　　可在商业银行柜台进行交易的债券须由财政部指定、经中国人民银行批准的记账式国债。具体债券品种、发行规模和发债时间，中国人民银行和财政部将在有关媒体公布。

2. Who are the investors can apply for this Service?
Except Financial Institutions, individual holding valid ID and Company or Associations are all eligible to open Bond Custody Account at commercial banks to trade T-Bond.
　　2. 哪些投资人能办理此项业务？
　　除金融机构外，凡持有有效身份证件的个人以及企业或事业社团法人，均可在商业银行柜台开立国债托管账户并进行国债买卖。

3. What is the difference between bond traded at Counter and Certificate Treasury?
Trading Hours: Book-entry bond can be traded anytime. Certificate Treasury can only be purchased during specific issuance period.
　　3. 通过柜台交易的记账式国债与凭证式国债有何不同？
　　买卖时间：记账式国债可随时买卖。而凭证式国债只有在规定的发行期内方可买到。

Liquidity: Book-entry bond can be sold and purchased anytime (repeatedly), very flexible. Certificate Treasury can only be drawn in advance (once) at commercial bank, very difficult to buy again.
　　流动性：记账式国债随时可以卖出，随时可以买入（多次反复），流动性强；凭证式国债只能到商业银行提前兑取（一次性），很难再买入。

Custody: Certificates of Certificate Treasury are kept by investors, easy to lose. Book-entry Bond is recorded in Bond Account, easy to trade.
　　保管方式：凭证式国债的凭证由投资人自行保管，易遗失。记账式国债记载在债券账户中，交易方便。

Interest Payment: Interest on book-entry bond is paid annually; real yield is higher than coupon rate. Certificate Treasury has principal and interest repaid based on coupon rate at maturity.
　　付息方式：记账式每年付息一次，如果滚动投资，实际收益率比票面利率高；凭证式到期按照票面利率还本付息。

Return: Yield of Certificate Treasury is fixed, i.e. coupon rate: Long-term holding of book-entry bond means stable return but varies according to interest rate if they are traded. Those who trade sharp can get additional earnings.

　　收益水平：凭证式收益率固定，即票面利率；记账式国债长期持有则收益固定，若进行买卖则可随利率变动而变动，预期判断准确者可获得额外收益。

Risk: Interest rate of Certificate Treasury is fixed. Earnings will drop relatively if there are changes in market rate. Price of book-entry bond follows the market. Yield varies accordingly. Hence, it can be sold early to mitigate risk.
　　风险程度：凭证式利率不变，遇市场利率变动时可能导致相对收益下降；记账式价格随市场变化而变化，收益率相应变化，可提前卖出来降低风险。

4. What is the difference between book-entry bond traded at the Counter and T-Bond traded at Exchange?
Place: Bond traded at Exchange needed to have Securities Account opened in Securities Company. OTC bond processed through Bank. Account is opened at Bank.
　　4. 柜台交易的记账式国债与交易所的国债有何区别？
　　场所：交易所债券需在证券营业部开立证券账户；柜台债券通过银行办理，在银行开立账户。

Trading Fee: Trading bond at Exchange has to pay fee based on trading volume. Trading OTC bond does not have to pay fee.
　　交易费用：交易所买卖债券时需按交易量缴纳交易费用；买卖柜台债券不需交纳交易费用。

Closing: Closing of bond traded at Exchange is order matching. Order closed when buy/sell price and quantity are consistent. If not, no closing or partially closed. Closing of OTC bond through Bank is market making. Order closed immediately.
　　买卖成交：交易所债券的成交方式为撮合式，买卖价格和数量一致时成交，若不一致，则可能不成交或部分成交；银行柜台债券的成交方式为做市商式，当场成交。

5. What is the difference between Book-entry bond traded OTC and the T-Bond at Inter-Bank market?
Inter-Bank Bond Market is a wholesale market for bond. Members are financial institutional investors such as commercial banks, credit cooperatives, securities companies, insurance companies, financial companies and Fund companies. It is not a market for individual and non-financial institutional investors. Trading is through price inquiry. Amount involved is huge.
　　5. 柜台交易的记账式国债与银行间债券市场的国债有何区别？
　　银行间债券市场是债券的批发市场，成员均为商业银行、信用社、证券公司、保险公司、财务公司和基金等金融机构投资者，个人和非金融的机构投资者不能进入，交易方式为询价方式，交易金额较大。

OTC is the retail market for bond. Investors are individual and non-financial institutional investors. Trading is through market making. Fewer amount involved.
　　柜台交易为债券的零售市场，投资人为个人或非金融的机构投资者，交易方式为做市商式，交易金额相对较小。

6. What are the advantages of trading and buying book-entry bond at commercial banks counters?
First, Investors such as individual and companies have more channels to buy bonds which broaden their investment choice.
　　6. 通过商业银行柜台购买和交易记账式国债有何优点？
　　一是可以增加个人和企业等各类投资人购买国债的渠道，为投资人提供新的金融产品。

Second, retail investors can trade easily by making use of the commercial bank outlets all over the country.
　　二是由于商业银行网点遍布全国各地，可以利用商业银行的网点优势，方便广大的居民投资人买卖记账式国债。

Third, Investor can buy anytime at commercial bank, or sell when in need of cash. Investor can better move around T-Bond assets.
　　三是投资人可以在商业银行柜台随时购买到国债，也可以在需要资金的时候，通过商业银行柜台卖出国债，从而提高了投资人债券资产的流动性。

Fourth, Book-entry bond has rich varieties, flexible interest payment. Varieties can have single repayment of principal and interest, or interest paid annually. Many choices are available for investors.
　　四是记账式国债种类较丰富，付息方式灵活，债券品种既可以是到期一次还本付息，也可以是按年付息，可以为投资人提供较多的选择。

Fifth, there are additional earnings higher than coupon rate when bonds appreciate.
　　五是可以享受债券升值带来的高于票面利率的额外收益。