PBOC issues RMB 95 bln bills on Tuesday

China's central bank the People's Bank of China (PBOC) on Tuesday issued RMB 95 billion (about US$13.34 billion) worth of central bank bills with the aim of maintaining the stability of the nation's currency market.

The one-year bills priced at RMB 96.10 have an estimated yield of 4.058%. Meanwhile, the bank was conducting RMB 69 billion in repurchase agreements (repo) yesterday which will last for 28 days with interest rate standing at 3.2%.

The move comes after the PBOC issued RMB 115 billion bills and RMB 91 billion repo on Feb. 28, indicating the bank's determination to curb liquidity and tighten monetary policy.

In future, the central bank will further rein in the liquidity through a series of solutions such as raising deposit reserve ratio, issuing bank bills and even specific national debts.