The Chinese ministry of finance will delay the sale of bonds worth $3.9 billion, The Wall Street Journal reports. The sale of five-year local government bonds will be postponed to July 11 from the initially planned June 27, 2011. The delay is due to a rise in the interbank funding rate of China. The ministry earlier planned to issue the securities on behalf of 11 local authorities in the first local government debt offering this year.

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