BEIJING — The value of bonds issued in China totaled 5.3 trillion yuan ($748.6 billion) in March, data from the central bank showed.

Treasury bond issuance amounted to 370 billion yuan, while local government bond issuance was worth 387.5 billion yuan, according to a statement by the People's Bank of China.

By the end of March, the size of the outstanding bond market debt was 103 trillion yuan.

China has accelerated the local government bond issuance this year to help the timely implementation of various projects to mitigate the impacts of the novel coronavirus epidemic.

The debt balance of local governments stood at 22.5 trillion yuan at the end of March.