After the Chinese government's debt issuance in October hit a record high, the scale of debt issuance in November began to fall, which alleviated the concerns of China's liquidity tightening will further impact the road of economic recovery.
Bloomberg News On Friday (December 1), based on official data, it is found that the central and local governments raised a total of 1.95 trillion yuan through debt issuance in November (RMB, the same below, about 370 billion yuan)It has decreased by about a quarter from the level in October, the lowest level in four months.
Data show that the local government of China issued 734 billion yuan in bonds in November, with the scale of half of October.The issuance of special reinsurance bonds that can be used to replace the hidden debt of local governments with higher costs has slowed down; in November, the central government's bond issuance also decreased for the first time in three months to 1.22 trillion yuan.
The data released by the Ministry of Finance on Wednesday (November 29) showed that China ’s national government bonds were issued 1.4 trillion yuan in October this year, of which 226.7 billion yuan of new bonds were issued nationwide, and the issuance of re -financing was issued.Bonds were 1.17 trillion yuan.
Since the beginning of this year, China's local debt issues have continued to be severe. It is expected that local government debt with a scale of 3.6 trillion yuan this year has expired.In order to alleviate the pressure of debt repayment, local governments issued re -financing bonds for debt repayment.This is also generally considered to be used to repay the government's responsible hidden debt, thereby extending the term of debt, reducing interest burden, and achieving the purpose of slowly release local government debt risks.
Data from the Ministry of Finance of China show that in the first 10 months of this year, the number of new bonds issued by the country was 4.34 trillion yuan, and 4.14 trillion yuan was issued for the issuance of re -financing bonds.Together, 8.47 trillion yuan of local government bonds were issued nationwide.The scale is a record high.
The scale of China's debt issuance has slowed down, and it is reported that this is good news for traders of currency market, because the tightening of liquidity since the end of October and the surge of overnight lending costs have caused themBecome trembling.
But the chief economist of CITIC Securities clearly believes that the circulation of sovereign bonds will remain at a high position at the end of the year, and the liquidity demand will rise. "Signs of operations are kept vigilant. "
