Market forecasts had centred around 4.57 percent and ranged from 4.50 to 4.63 percent.

The result was above Wednesday's indicative secondary market yield of 4.5557 percent bid for three-year financial bonds issued by policy banks .

CDB also auctioned 18 billion yuan of 10-year fixed-rate bonds at a yield of 4.87 percent, around the higher end of forecasts.

Traders' expectations had centred around 4.86 percent and ranged from 4.80 to 4.90 percent.

The result was slightly below Wednesday's indicative secondary market yield of 4.8770 percent bid for 10-year financial bonds issued by policy banks .

Copyright Reuters, 2011