Chinese yuan. Photo: iStock
Chinese yuan. Photo: iStock

Local Chinese governments have accelerated the supply of special bonds lately, with 428 billion yuan (US$62.52 billion) issued in August, the Economic Information Daily reported.

It is also expected that the scale of new special bonds will exceed 500 billion yuan (US$73.16 billion) in September.

Among all, the issuance of special bonds for land reserves remains relatively large, as the main destination is the infrastructure sector.

Yuan Haixia, the chief macroeconomic analyst at China Chengxin Credit Rating Group, said over the first eight months of 2018,  a total of 990.4 billion yuan of special bonds were issued.

Furthermore, from September to December, there are still 771.7 billion yuan of new special bonds to be issued.

It is roughly expected that more than 200 billion yuan of new special bonds will be injected into the infrastructure industry.

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