BEIJING — Bonds issued in China in the first three quarters of 2015 reached 15.1 trillion yuan ($2.3 trillion), up 70.8 percent from a year earlier, the central bank said on Oct 27.

Of the bonds issued, 7.7-trillion-yuan worth were issued through the interbank bond market, up 122.5 percent year-on-year, according to the People’s Bank of China (PBOC).

Bonds issued in September alone hit 2.5 trillion yuan, up 128.2 percent year-on-year.

Since 2014, the financing costs for companies through bond issuance has been significantly reduced, according to the central bank.

The central bank, announced on Oct 23 that both benchmark deposit rate and lending rates will be lowered by 25 basis points from Oct 24.

The PBOC also cut the reserve requirement ratio (RRR) again for all financial institutions, this time from 17.5 percent to 17 percent, the sixth policy rate cut and the fourth universal cut in the past year.

The cuts bring down the one-year benchmark lending rate to 4.35 percent, and one-year benchmark deposit rate to 1.5 percent.