The longer-termbuying in Aprilwas countered with the largernetsaleof Y1,470bn in moneymarketinstruments – short-datedbills of a year orless – in thesixth successivemonth of sales.
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.
The railway ministry, which is China's largest corporate-bond issuer, used all of last year's quota for long-dated bonds and also raised an additional 50 billion yuan via short-term bills and medium-term notes.