China issued the first batch of treasury savings bonds for 2024 on Sunday, with a huge number of customers signing up as they look to secure stable returns on their investment.

According to China's Ministry of Finance, the first and second phase of treasury savings bonds in certificate type will be issued from March 10 to 19.

"I bought treasury bonds worth 200,000 yuan. I think it is a relatively safe choice for the elderly. It's safe because the principal is guaranteed and the profit is relatively reliable," said a customer in north China's Tianjin Municipality.

"Every year I buy some treasury bonds. I think it is relatively stable and safe, and almost has no risk," said one of the customers in Beijing.

"We opened at 08:30 in the morning on Sunday and there were already more than 10 customers waiting in line. By about 09:30, we processed the purchase requirements of the first batch of less than 20 customers," said Cai Xinyan, a consultant working in a sub-branch of the Agricultural Bank of China (ABC) in Beijing.

"We sold more than 80 million yuan as per quota and basically all of the treasury bonds were sold out in the morning," said Han Jing, manager of an ABC sub-branch in Tianjin.

Although the interest rate on treasury savings bonds has been reduced several times in the past two years, it is still higher than the interest rate on bank deposits.

According to the announcement of the Ministry of Finance, the first and second phase of treasury savings bonds in certificate type in 2024 are fixed-rate, fixed-term varieties, with a maximum issuance total of 30 billion yuan. Among them, the first phase has a term of three years, the maximum issuance amount is 15 billion yuan, and the annual coupon rate is 2.38 percent.

The second phase has a term of five years, the maximum issuance amount is 15 billion yuan, and the annual coupon rate is 2.5 percent.

China generally issues treasury savings bonds from March to November every year, in certificate and electronic types. The certificate type needs to be purchased at bank outlets, and electronic bonds can be handled through electronic channels.