China's Ministry of Finance auctioned 30 billion yuan ($4.84 billion) of five-year bonds in the interbank market on Wednesday at a lower-than-expected average yield of 3.2427 per cent, traders said.
Market forecasts had centred around 3.25 per cent and ranged between 3.20 and 3.30 per cent.
The auction yield came in below Tuesday's benchmark secondary market yield of 3.2857 per cent for five-year government bonds.
($1 = 6.2005 Chinese yuan renminbi)
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