Municipal bond issue

Three local governments in China sold a combined 12.2 billion yuan worth of three-year municipal bonds at 1.75 percent on June 22, the Ministry of Finance said.

The Guangdong government sold municipal bonds worth 8.5 billion yuan, Xiamen 800 million yuan, and Hainan 2.9 billion yuan, the ministry said in a statement.

The municipal bonds, sold by the ministry on behalf of the local governments, will start trading on domestic stock exchanges and the interbank market from June 29.