China has sold around 3.74 trillion yuan worth of local government bonds so far this year, according to data from Wind Info.
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.
As China local government completed approximately 98 percent of the planned bond quota for the whole year, local government bond offering will soon come to an end this year.
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