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China's outstanding local gov't debt rise to 16.63 tn yuan at end of May

BEIJING (Reuters) -- China's outstanding local government debt was 16.63 trillion yuan ($2.60 trillion) at the end of May, the finance ministry said on Wednesday, up from 16.61 trillion yuan a month earlier.

In May, local governments issued a total of 355.3 billion yuan worth of bonds, the Ministry of Finance said in a statement on its website. A majority of the bonds were bond swaps from higher-cost, maturing debt into lower-cost, longer-term bonds.

Local governments also for the first time this year issued new bonds worth 17.1 billion yuan in May.

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