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Local Gov Bond Sales To Exceed CNY220 Billion Q1 2024

CHINA PRESS
MNI (Singapore)

Local governments including Jiangsu, Hebei and Shanxi provinces have begun bond-issuance preparations for 2024, with the scale likely to exceed CNY220 billion in Q1, Yicai.com reported. The Ministry of Finance is expected to front-load a part of next year’s local-bond quota this week, which the market estimates to be more than CNY2 trillion. While the pace of issuing these bonds may be slower given that bond sales in Q4 was quite large following CNY1.3 trillion of special refinancing bonds since October to swap out local implicit debts and an additional CNY1 trillion of China Governments Bonds issued in November, said Wen Laicheng, professor at Central University of Finance and Economics.

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