ALBAWABA – Local governments have sold record amounts of so-called special bonds in 2023 to inject more liquidity to rescue China’s small banks in an effort to contain spillover risks from a staggering property crisis and stuttering economy. Overall, local governments have sold $21.05 billion worth of special bonds, Reuters reported. These special bonds, or special-purpose bonds, are a form of off-budget debt financing instrument used by local governments in ...