300 billion special treasury bonds will be issued in May, state-owned banks will receive capital reinforcement again.

Recently, the Ministry of Finance disclosed on its official website the arrangements for the issuance of general national bonds and special national bonds in 2026, as well as the capital injection arrangements for central financial institutions. According to the arrangements, the bonds will be issued on May 22 and June 12 respectively, with corresponding maturities of 5 and 7 years, and interest will be paid annually. This arrangement signifies that the second round of national capital injection into state-owned major banks has officially entered the implementation stage. Together with the completion of the first round of capital injection in 2025, a total of 800 billion yuan in capital support will be provided, establishing a systemic capital protection system covering all state-owned large commercial banks. Based on the experience of the first round, it is expected that the upcoming second round of 300 billion yuan special national bond injections will strictly adhere to the "one bank, one policy" principle. It is widely expected in the market that Industrial and Commercial Bank of China and Agricultural Bank of China will be the focus of this round of injections.