Central Bank to Sell 110b Yuan 1-Year Bills

SHANGHAI, Mar. 15 -- The People's Bank of China (PBOC), China's central bank, said on Monday that it would auction 110 billion yuan ($16.11 billion) of one-year bills in its regular open market operations on Tuesday, up from 100 billion yuan of such bills sold last week.

The volume is the biggest for the sale of one-year bills since September 2008, excluding issuance of special punitive bills to selected banks, showing that the central bank is stepping up efforts to mop up excess money from the system to keep inflation in check.

A total of 190 billion yuan in PBOC bills and repos will mature this week.