Southwest China's Chongqing Province announced on Tuesday that it would auction overall 26.5 billion yuan worth of general bonds on June 2.
This batch of general bonds is the first of its kind planned to be issued by the province this year, including 4 billion yuan of 3-year ones, 7.9 billion yuan of 5-year ones, 8 billion yuan of 7-year ones and 6.6 billion yuan of 10-year ones. Previously, Jiangsu Province and Xinjiang Uygur Autonomous Region had completed their general bond issuance with yields close to T-bond counterparts.
Chinese local governments were approved to sell 671.4 billion yuan of general bonds and 100 billion yuan of bonds for special use this year. Besides, local governments were granted one trillion yuan of quota to replace existing debts with new bond issuances this year.
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