China issues 2.55 trln yuan in local gov't bonds in Jan.-May

BEIJING -- China's local governments have issued nearly 2.55 trillion yuan (about $393.37 billion) worth of bonds in the first five months of this year, according to the Ministry of Finance.

Of the total, special bond issuance came in at 1.17 trillion yuan in the period, while the issuance of general bonds amounted to 1.38 trillion yuan, data from the ministry showed.

During the January-May period, local government bonds were issued at an average issuance term of 9.8 years and at an average interest rate of 3.44 percent.

In May alone, local government bond issuance reached 875.3 billion yuan.

By the end of May, China's outstanding local government debts stood at around 27.19 trillion yuan, within the official limit of 33.28 trillion yuan for this year, the ministry said.