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China Local Govt Bond Sales to Surge in Q3: Journal

CHINA PRESS
MNI (Singapore)

China's local governments are expected to scale up sales of special-purpose bonds in Q3 and the PBOC may increase liquidity injection to ease pressure on liquidity, the China Securities Journal reported citing Zhou Yue, chief analyst at Zhongtai Securities. The issuances of local government special bonds have been slower than last year as authorities strengthened supervision and strictly reviewed projects to control risks, the newspaper said citing Zhao Wei, chief economist of Kaiyuan Securities. In total CNY1.17 trillion of special bonds have been sold in the first five months, accounting for about 16% of the annual issuance quota, compared to the pace of more than 40% in the same period of the past two years, said the newspaper.

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