The finance ministry failed to sell all the debt it offered at auction for the first time in 23 months because of a cash squeeze that threatens to exacerbate a slowdown in the growth of the mainland economy.
The ministry sold 9.53 billion yuan (HK$12 billion) of 273-day bills, well below the 15 billion yuan target, according to two traders who took part in the auctions.
Agricultural Development Bank of China raised 11.51 billion yuan in a sale of six-month bills last week, also less than its 20 billion yuan goal.
via Business feed http://www.scmp.com/business/china-business/article/1261125/bond-sale-fails-reach-target-cash-crunch
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