News Analysis Beijing issues new bonds as debts mount and credit swaps increase in price. Local governments, hard hit by the real estate slowdown, are expected to issue more bonds. Much has been written about the quantity of U.S. debt held by China. The Chinese regime, however, has also been steadily increasing its own sale of bonds to foreign governments. Currently, $354.11 billion worth of China central government debt is held by foreign governments, individuals, and institutional investors. As of the end of October, Chinese government bonds (CGBs) have been added to the Financial Times Stock Exchange (FTSE) World Government Bond Index (WGBI). For the past five years, Beijing has raised billions of dollars with an Autumn bond issue in the international bond markets. In September, the Ministry of Finance announced it would issue 8 billion yuan (about $1.24 billion) worth of yuan-denominated treasury bonds in Hong Kong—the first issue …