Bond sales surge on signs of policy easing

Chinese companies sold a record amount of bonds this year as the central bank eased monetary policy to help ensure economic growth meets its target.

Bond issuance have totaled 4.29 trillion yuan ($701 billion) to date this year, more than the 3.77 trillion yuan for all of 2013 and the most since Bloomberg started compiling data in 1999.

The yield on five-year AAA rated corporate notes has declined 146 basis points this year to 4.83 percent, the lowest since July 2013, after the People's Bank of China cut repurchase rates to help reduce borrowing costs.