金融英语阅读：China starts selling 2.87 bln USD of 3-yr local gov’t bonds
BEIJING, Aug. 24 -- China began selling 19.5 billion yuan (about 2.87 billion U.S. dollars) of three-year local government bonds on Tuesday, the sixth sale of such bonds this year.The Ministry of Finance (MOF) is issuing the bonds on behalf of five provinces and municipalities -- Hebei, Shanghai, Shenzhen, Guizhou and Shaanxi.
The bonds pay a fixed annual interest rate of 2.37 percent, the MOF said in a statement on its website.
The bonds will be sold on the national inter-bank bond market and the stock market between Aug. 24 and Aug. 26 and become tradeable on Aug. 30.
China has sold 133.5 billion yuan (19.63 billion U.S. dollars) of local government debt so far this year.
The central government plans to sell 200 billion yuan (29.41 billion U.S. dollars) of local government debt in 2010.
The MOF began issuing local government bonds last year to help finance its 4-trillion-yuan stimulus package.
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