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China’s Local Bond Issuance Hits a Record $210bn in June – Nikkei

Local administrations issued bonds to the tune of 1.41 trillion yuan ($210 billion) up till Sunday June 26, which was an 80% jump from a year ago, and that total could rise further


Local governments in China face severe budget tightening because of funding constraints partly caused by Covid curbs and the property crisis.
Local governments in China are struggling to maintain fiscal balance amid depleting finances. File photo: Reuters.

 

China local bond issues climbed to a record in June as local administrations across the country rallied to stimulate an economy devastated by a wave of Covid-19 lockdowns in recent months, Nikkei Asia reported, citing Chinese media reports.

Local administrations issued bonds to the tune of 1.41 trillion yuan (about $210 billion) until June 26 – an 80% jump from a year ago and above the previous monthly record of 1.3 trillion yuan in May 2020, the report said, adding that the total this month may top 1.5 trillion yuan after scheduled issuances to Thursday June 30 are included.

Read the full report: Nikkei Asia.

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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