China 7-year local govt bonds auctioned at 4.12pc

SHANGHAI: China's finance ministry auctioned 20.7 billion yuan ($3.37 billion) of seven-year bonds on behalf of twelve local governments at a yield of 4.12 percent, traders said on Wednesday.

For a breakdown of which local governments issued which amount of debt, click here:

In May, the ministry announced an increase in its annual quota to issue bonds on behalf of local governments to 400 billion yuan for 2014, from 350 billion yuan in 2013.

It granted 10 local governments quotas to issue a combined 109.2 billion yuan worth of municipal bonds this year - the first time that the government has allowed local governments to issue the US-style municipal bonds.