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BEIJING Adidas superstar pharrell supershell Hombre España , May 14 (Xinhua) -- China's local government debt swap is positive for the real economy but "not QE" by the central bank, Bank of America Merrill Lynch said in a research note on Thursday.


Jiangsu, an eastern province, will be the first to auction local government bonds this year. The bonds are expected to be worth 52.2 billion yuan (8.3 billion U.S. dollars), with 30.8 billion yuan set to pay debts that are due this year.