BEIJING — China's private companies issued more bonds in the interbank market in the first eight months of the year amid government efforts to ease the financing strain on cash-starved firms.

Bonds issued by the country's private firms in the interbank market totaled nearly 350 billion yuan (about $51 billion) in the January-August period, up 64 percent year-on-year, according to the People's Bank of China.

China has further improved bond financing tools in its interbank market, including introducing credit risk mitigation warrants, which so far has achieved notable results, said Cao Yuanyuan, deputy secretary-general of the National Association of Financial Market Institutional Investors.

Since the start of the year, 52 private companies have issued bonds by leveraging such supportive tools.