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China Lifts Short-term Bond Sales To Plug Deficit

CHINA PRESS
MNI (Singapore)

Issuance of China Government Bonds (CGBs) has grown rapidly this year, notably in ultra-short-term maturities, to help fund a fiscal deficit and stabilise economic growth, the Securities Daily reported. A total of CNY6.23 trillion of CGBs were issued as of Sep 21, a rise of 33.8% y/y, the newspaper said citing data from iFinD. Bonds with maturities of less than a year accounted for 31.36% of the total compared with 22.07% in same period last year. China will use short-term treasury bonds to raise funds for tax rebates and ensure the operation of local governments, the newspaper said citing Wang Xiaolong, director of the Treasury Department of the Ministry of Finance.

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