Local government bond issuances drop in Nov

China's local governments issued fewer bonds in November, official data showed.

The value of local government bonds issued in November totaled 45.789 billion yuan ($6.55 billion), down from 96.46 billion yuan in October, according to the Ministry of Finance.

In the first 11 months, local governments issued bonds valued at 4.32 trillion yuan, including 2.55 trillion yuan worth of special-purpose local government bonds aimed at providing financial support for public-interest projects.

MOF data also showed outstanding local government debts amounted to 21.33 trillion yuan at the end of November, below the official ceiling of 24.08 trillion yuan set for the year.