SHANGHAI, June 6: China’s finance ministry said on Thursday it will auction a total of 42.2 billion yuan ($6.9 billion) on behalf of four local governments, the first time it will do so this year.
The finance ministry said in March that it would raise the quota for direct issuance of local government bonds this year to 350 billion yuan, up from 250 billion yuan last year.
On June 14, the ministry will issue 21 billion yuan in three-year bonds and an additional 21.2 billion yuan in five-year bonds, it said in an announcement posted on the website of China’s major bond clearinghouse, www.Chinabond.Com.Cn.
($1 = 6.1278 Chinese yuan)
(agencies)
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