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Beijing adds to bond deluge, floods flag climate risks

China's central government has embarked on a borrowing spree. This month's bond sales were the highest since 2007 and more is in the pipeline as the finance ministry plans to complete the issuance of RMB1trn in special sovereign bonds by the end of July. Further details that have emerged over recent weeks confirm our expectation that the bulk of these funds will be directed towards investment.

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