SHANGHAI: China's finance ministry auctioned 23.4 billion yuan ($3.77 billion) of three- and five- year bonds on behalf of eight local governments at yields of 4.15 and 4.28 percent, respectively, traders said on Monday.

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

In May, the ministry said 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 also said that 10 local governments had been given 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 bonds.