SHANGHAI: China's Ministry of Finance auctioned 28 billion yuan ($4.56 billion) of 10-year bonds in the interbank market on Wednesday at an average yield of 4.13 percent, traders said, much lower than expected.

Market forecasts had centred around 4.27 percent and ranged from 4.23 to 4.30 percent.

The auction yield came in below Tuesday's benchmark secondary market yield of 4.2634 percent for 10-year government bonds.