BEIJING - The value of bonds issued in China last month totaled 3.2 trillion yuan ($476.5 billion), according to data from the central bank.

Treasury bond issuance stood at 170 billion yuan, while local government bond issuance reached 418 billion yuan, according to the People's Bank of China.

By the end of January, total bonds outstanding reached 87.5 trillion yuan, while local government bond balance stood at 18.3 trillion yuan.

China has decided to speed up local government bond issuance this year to help the timely implementation of various projects.

Central authorities have assigned 1.39 trillion yuan worth of bonds to local governments ahead of schedule for this year, accounting for 63 percent of the total new debt quota in 2018.

The funds will be used to finance projects under construction and other major projects of transportation, water conservation and environmental protection.