China sells 3-year, 7-year bonds at lower than expected yields

Shanghai

CHINA'S Ministry of Finance on Wednesday auctioned 16 billion yuan (S$3.3 billion) of three-year bonds and another 16 billion yuan of seven-year bonds at an average yield of 3.0065 per cent and 3.1797 per cent, respectively, traders said, both below market expectations.

For the three-year bonds, market forecasts had centred on 3.07 per cent and ranged from 3.00 per cent to 3.20 per cent.