BEIJING - The total value of renminbi-denominated bonds issued in China last year hit 11 trillion yuan ($1.8 trillion), up 22.3 percent, the central bank said on Tuesday.

Of the bonds issued in 2014, 10.7 trillion yuan were issued through the inter-bank bond market, according to a report released by the People's Bank of China, including 1.7 trillion yuan of treasury bonds and 2.3 trillion yuan through the three wholly state-owned banks.

Corporate debentures increased by 38.9 percent to 5.2 trillion yuan in 2014.

"Since 2014, the financing costs for companies through bond issuance has significantly reduced," said the central bank report. The weighted average of fixed-term yield rate for corporate bonds stood at 5.52 percent at the end of 2014, down 148 basis points from a year before.