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., ^' x; V7 u9 k
The Ministry of Finance (MOF) is issuing the bonds on behalf of five provinces and municipalities -- Hebei, Shanghai, Shenzhen, Guizhou and Shaanxi.3 w. R1 R- w5 Y1 v e3 o# @. Y$ `
The bonds pay a fixed annual interest rate of 2.37 percent, the MOF said in a statement on its website.- t0 @1 i9 D5 T8 N: Z
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.
" X% B( p1 d9 n1 V5 Q' K: l3 y% ^ China has sold 133.5 billion yuan (19.63 billion U.S. dollars) of local government debt so far this year.! a& e5 o& B, m
The central government plans to sell 200 billion yuan (29.41 billion U.S. dollars) of local government debt in 2010.
8 a3 M0 x0 s1 n% j The MOF began issuing local government bonds last year to help finance its 4-trillion-yuan stimulus package. |