China issues 6.49 trln yuan in local gov’t bonds in Jan.-Oct.

China’s local governments have issued over 6.49 trillion yuan (about 1.01 trillion U.S. dollars) worth of bonds in the first 10 months of this year, according to the Ministry of Finance.

Of the total, special bond issuance came in at 4.02 trillion yuan in the period, while the issuance of general bonds amounted to 2.47 trillion yuan, data from the ministry showed.

During the January-October period, local government bonds were issued at an average issuance term of 11.6 years and at an average interest rate of 3.37 percent.

In October alone, local government bond issuance reached 876.1 billion yuan.

By the end of October, China’s outstanding local government debts stood at around 29.65 trillion yuan, within the official limit of 33.28 trillion yuan for this year, the ministry said.