BEIJING — The value of China's local government bond issuance stood at 390.9 billion yuan (about $55.06 billion) in August, official data showed.

Of the total, the country issued general bonds worth 176 billion yuan as well as 214.9 billion yuan of special bonds in the period, the Ministry of Finance said in a statement.

The bonds had an average issuance term of 8.5 years and an average interest rate of 2.77 percent, according to the ministry.

In the first eight months of the year, China's local government bond issuance neared 6.05 trillion yuan, while its outstanding local government debt topped 34.78 trillion yuan as of the end of August.