Local governments in China sold 1.94 trillion yuan (US$289 billion) worth of bonds in June to fund infrastructure spending.
that local governments sold 1.94 trillion yuan worth of bonds in June to fund infrastructure spending and boost economic growth, markets took note.This news came on the heels of last month’s announcement from the top of China’s State Council. At that time, they said state banks would increase their credit lines to provide 800 billion yuan of funding for infrastructure projects.
However, a Financial Times Unhedged post quotes Bloomberg’s report that China’s Ministry of Finance is considering allowing local governments to sell Rmb1.5tn of special bonds in the second half of this year. This suggests that funding quotas will be exceeded this year as a whole.
Most metals markets were assessed as being in surplus during the first half of this year. In fact, aluminum moved from a deficit last year to a surplus this year despite historically low exchange inventory levels.
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