SHANGHAI: China's Ministry of Finance auctioned 30 billion yuan ($4.90 billion) of 10-year bonds in the interbank market on Wednesday at an average yield of 4.08 percent, traders said, lower than expected.

Market forecasts had centred around 4.11 percent and ranged from 4.05 to 4.15 percent.

The auction yield came in above Tuesday's indicative secondary market mid yield of 3.91 percent for 10-year government bonds.