Central bank announces US$13bn bill sale

The People's Bank of China (PBOC) announced it will issue over US$13 billion in three-year bills to the country's major state-owned and joint-stock commercial banks at a nominal interest rate of 3.69% last week, Economic Observer reported (in Chinese). The move is the fourth sale of its size this year from the central bank. With the sale the PBOC aims to recover liquidity, rein in excessive credit growth at commercial banks and curb inflation and further economy overheating.