China to sell three-year bonds for local gov'ts

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China's Ministry of Finance (MOF) will start selling 22.66 billion yuan (3.52 billion U.S. dollars) in three-year bonds for local governments at a yield of 4.07 percent on Tuesday.

The ministry will sell the bonds in order to raise funds for the provinces of Heilongjiang, Jiangsu, Anhui, Hubei, Hunan and Yunnan, as well as the city of Ningbo in east China's Zhejiang Province, according to a notice on the MOF's website.

The sales period for the bonds will last from Tuesday to Thursday. The bonds will become tradable on securities markets on Aug. 8, with interest to be paid annually.