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China C.Bank Raises 3-Month Bill Auction Yield
Jan 8,2010 09:04CST
data analysis

SHANGHAI, Jan. 7 -- China's central bank surprised the market and raised the auction yield of its three-month bills for the first time since mid-August in its regular open market operation on Thursday, signalling a significant step-up of its tightening of market liquidity.

The People's Bank of China auctioned 60 billion yuan ($8.8 billion) of three-month bills at a yield of 1.3684 percent, up 4.04 basis points from 1.3280 percent last week and the level that it had kept over the past four months.

In recent months, the government has repeatedly said it needs to stick to easy monetary policy to ensure a full economic recovery but this policy position has not weakened the central bank's newly established resolve to use quantitative tools to prevent excessive supply of liquidity.

China economy macroeconomy
China's central bank
Interest rate
Macro control policy

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