The longer-term buying in April was countered with the larger net sale of Y1,470bn in money market instruments – short-dated bills of a year or less – in the sixth successive month of sales.

与今年4月中国购买日本长期国债的做法相对的是，同期中国更大规模地净出售1.470万亿日元的货币市场工具（一年期或期限更短的短期债券），这是中国连续第6个月出售此类资产。

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Rather than selling any of its holdings, China appears to have let the bills mature and then used some of the proceeds to buy longer-dated coupons, analysts say.

分析师表示，中国似乎没有出售所持的美国国债，而是在手中的短期国债到期后，利用部分资金购买更长期的国债。

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Yields on three-month bills neared zero, and prices of longer-dated government debt posted big gains.

三个月期美国国债的收益率已接近于零，而中、长期美国国债的价格则大幅上扬。

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The ministry's outstanding corporate debt, ranging from long bonds to short-dated bills, stands at 711.5 billion yuan.

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Short-dated bills of acceptance rose by six basis points as investors reduced expectations for a rate increase in coming months and lowering implied yields.

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And, during the Kennedy Administration, the Fed sold T-bills and purchased an equal amount of longer dated T-Notes in order to reduce long-term rates.

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