SHANGHAI: China's Ministry of Finance auctioned 22 billion yuan ($3.58 billion) of one-year bills in the interbank market on Friday at an average yield of 3.71 percent, traders said, within expectations.

Market forecasts had centred around 3.78 percent and ranged from 3.70 to 3.85 percent.

The auction yield came in below Thursday's benchmark secondary market yield of 3.7675 percent for one-year government bills.