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Central Budget Tweaked, Allowing for Additional Sovereign Issuance

CHINA
  • Chinese state media confirms that the government have approved the issuance of additional sovereign bonds - confirming pre-release expectations.
  • Additional sovereign issuance comes as part of the government passing a bill to adjust the central budget for this calendar year, no details provided yet on quantity of additional issuance, but this was largely expected. Reuters reported earlier this week that China were set to approve more than CNY 1trl in extra issuance, with half of the funds raised to be spent on flood prevention and water conservancy.
  • The adjustment to the 2023 central budget also allows for front-loading of the 2024 local government bond quota, as well as fresh sovereign issuance. This is an extension of a previously expired bill bond quotas, which let local governments issue bonds ahead of the annual session of the parliament, usually held in March.
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