BEIJING — China's local governments have issued 1.9 trillion yuan (about $268.4 billion) worth of bonds in the first four months of this year at an average interest rate lower than last year, official data showed.

In April alone, local governments issued 286.8 billion yuan worth of bonds, among which 69.3 billion were new special bonds, according to the Ministry of Finance (MOF).

By the end of April, local governments have issued 1.15 trillion yuan in special bonds, accounting for 50.3 percent of the 2.29-trillion-yuan quota allocated in advance, according to the ministry.

The local government bonds were issued at an average interest rate of 3.31 percent, down 16 basis points from last year, with an average term of issuance at 15.5 years, 5.2 years longer than in 2019.

The MOF said it has allocated in advance the latest special bonds quota of 1 trillion yuan in late April, as the country pledged to issue more local government special bonds to help mitigate the economic impact of the COVID-19 epidemic.