The People's Bank of China, the central bank, yesterday issued three-year and one-year central bank bills worth up to 29 billion yuan (US$3.97 billion) at a yield of 4.56 percent and 3.41 percent respectively.

 

The three-year bills were valued at nine billion yuan and the one-year bills 20 billion yuan. Primary dealers, such as commercial banks, securities firms, insurance companies and other financial institutions approved by the central bank, purchased the bills.

 

A record 1.27 trillion yuan of central bank bills, which had been issued to commercial banks to curb lending, will mature in the first quarter, according to government figures.

 

(Shanghai Daily January 25, 2008)