January 20, 2014 / 2:30 AM / 4 years ago

China finance ministry to auction 40 bln yuan deposits

SHANGHAI, Jan 20 (Reuters) - China’s finance ministry will auction 40 billion yuan ($6.61 billion) of three-month deposits to commercial banks on Jan. 23, the ministry said on Monday.

Banks will bid for the right to take the deposits. The sale, like previous such exercises, is part of the finance ministry’s cash management programme.

The auction will be conducted by the central bank on behalf of the finance ministry, the ministry said in a statement published on its website.

For stories on Chinese debt issues, click on. ($1 = 6.0502 Chinese yuan) (Reporting by Chen Yixin and Pete Sweeney; Editing by Paul Tait)

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