Bond issuance by China's local government financing vehicles (LGFVs) hit a new record low in May amid tightening regulations and net financing via the type of bonds slipped into negative territory for the first time in nearly three years.
According to data from Wind Information, LGFVs issued a total of 184 bonds worth a combined 33.59 billion yuan in May, sliding 47.12 per cent from the same period last year and representing only one-fifth of the amount in the previous month.
Some 241.6 billion yuan of LGFV bonds were repaid . . .
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