China's Ministry of Finance  will auction 23.6 billion yuan ($3.8 billion) worth of three-year bonds on behalf of six local governments at a yield of 3.92 percent, the ministry announced on Friday.

From Monday to Wednesday, the ministry will sell the bonds, of which 5.6 billion yuan will go to Heilongjiang Province, 700 million yuan to Xiamen, 7.7 billion yuan to Hunan Province, 4.7 billion yuan to the Guangxi Zhuang Autonomous Region, 600 million yuan to the Tibet Autonomous Region and 4.3 billion yuan to Qinghai Province.

This will be the fifth batch of auctioned bonds this year. The ministry plans to sell local government debt worth a combined total of 350 billion yuan in 2013, the most since 2009, to meet growing expenditure.

Xinhua