The Ministry of Finance auctioned 22.7 billion yuan of three-year bonds with a yield of 4.07 percent on behalf of seven regional governments, traders said on Monday.

The sale of the five-year tranche of 22 billion yuan bonds will be conducted on Aug 8.

The ministry has said it plans to issue a total of 200 billion yuan in bonds on behalf of local governments this year.

Provincial and city governments are currently not allowed to raise funds in the debt market directly.