SHANGHAI: China's Ministry of Finance auctioned 28 billion yuan ($4.48 billion) of five-year bonds in the interbank market on Wednesday at an average yield of 3.9146 percent, traders said, lower than expected.
Market forecasts had centred around 3.98 percent and ranged from 3.93 percent to 4.00 percent.
The auction yield came in below Tuesday's benchmark secondary market yield of 4.0018 percent for five-year government bonds.
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