BEIJING -- China's bond market grew 20.5 percent in the first 11 months of the year, the People's Bank of China (PBOC), the central bank, said in a report on Wednesday.

A total of 10.2 trillion yuan ($1.6 trillion) worth of bonds were floated from January to November, said the PBOC.

In November, 821 billion yuan of new bonds were issued, up by 33.5 percent over the same period last year but dropping 11.1 percent from October.

By the end of November, commercial banks are the top holders of the bonds, with 44.3 percent of those issued during the first 11 months.

Governments and companies can issue both treasury and corporate bonds for financing. Buying bonds is relatively safe tool for investors to manage their money.