China has sold around 1.58 trillion yuan worth of local government bonds in the third quarter of this year, according to data from Wind Info.
So far, Chinese local governments have floated overall 2.453 trillion yuan of bonds this year, completing over 60 percent of the planned quota for the whole year. Previously, China's Ministry of Finance (MOF) gave local governments 3.2 trillion yuan quota to replace their existing debts with new bonds this year.
In addition, new local government bonds worth 600 billion yuan in 2015 were also approved. Hence, the total scale of local government bonds issuance came up to around 3.8 trillion yuan this year.
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