China fin min to auction 60bn yuan of 3-month deposits on Dec 18

SHANGHAI: China's finance ministry will auction 60 billion yuan ($9.70 billion) of three-month deposits to commercial banks on Dec 18, the People's Bank of China said in a statement 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 central bank said in a statement published on its website.