A major Beijing policy bank will reduce the size of two bond offerings slated for today by nearly one-third, as a major cash crunch saps demand for securities, Bloomberg reported. Agricultural Development Bank of China cut its issuance of three-year notes to US$1.3 billion (RMB8 billion) from US$2.1 billion previously, according to ChinaBond, the country’s largest debt clearing house. The five-year debt issuance was scaled down to US$1.6 billion from US$2.1 billion. The bank still has the option to sell up to the original targets. The reduced bond sale is one of several signs of tightening liquidity in the mainland in recent weeks.