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China to conclude 200b yuan local government bond sales

(Xinhua)
Updated: 2009-09-05 17:18

The Ministry of Finance said Friday that the 200 billion yuan ($29.28 billion) local government bond sales will complete after the last four batches of bonds will be sold at early next week.

The last four batches, with a total value of 11 billion yuan are composed of 2 billion yuan for Hebei province, 3.6 billion yuan for Shanghai, 2.7 billion yuan for Zhejiang province, 2.7 billion yuan for Shaanxi province, said the ministry on its website.

The four batches of bonds, with an annual interest rate of 2.24 percent and a term of three years, will be sold to the public as of September 7 to September 9 this year. They will become tradable as from September 11, with interest calculated as of September 7 and repaid annually.

The ministry issued this year's first batch of local government bonds of 3 billion yuan on behalf of Xinjiang at the end of March.

The 200-billion-bond sales are intended to help finance local governments under the central government's 4-trillion-yuan economic stimulus package.

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