China Completes Local-Government Debt Sales Planned for 2010
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China’s Ministry of Finance sold the last batch of bonds this year on behalf of local governments, completing a 200 billion yuan ($30 billion) cash-raising plan to finance infrastructure projects.
The ministry sold 18.1 billion yuan of three-year bonds at a yield of 3.23 percent, and 12.6 billion yuan of five-year debt at 3.7 percent on behalf of eight provinces and municipalities. It’s the second year the ministry has organized debt auctions for local authorities, which were asked to raise capital to partly fund a 4 trillion-yuan stimulus package announced in late