CHINA’S use of ultra-long treasury bonds to fund a consumer goods trade-in programme deviates from the usual playbook of boosting investment to support the economy and is fuelling expectations for more stimulus that targets household demand.

The state planning agency said on Thursday that about 150 billion yuan (US$20.7bil) of the one trillion yuan China is raising through special debt issuance this year will subsidise replacements of old appliances, cars, bicycles and other goods.