China's National Development and Reform Commission has refused to allow three government agencies to sell up to US$3 billion worth of bonds in the international debt market, the South China Morning Post reported. The Ministry of Finance, China Development Bank (CDB) and Export-Import Bank (Chexim) had planned to sell up to US$1 billion each later this year. The commission has told Chexim and CDB to sell US-dollar-denominated bonds in the domestic market instead, market sources told the newspaper. Both deals are expected to be in the US$500 million to US$1 billion range. Total outstanding US dollar debt sold in the domestic market by the two banks stands at US$2.6 billion, according to Dealogic, and they have a combined total of US$5.5 billion in outstanding debt in the international market.
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