By iMarketNews

BEIJING (MNI) - The People's Bank of China announced Monday that it will sell CNY10 billion in one-year paper on Tuesday as part of its open market operations.

The volume is more than half last Tuesday's sale of CNY24 billion, an auction in which yields rose to 1.9264% from the previous week's 1.8434%.

The PBOC sold CNY90 billion in three-month paper last Thursday with the yield also rising to 1.4088% from previous 1.3684%.

The central bank injected a net CNY28 billion into the banking system last week. But a 50 basis point rise in the deposit reserve requirement took effect last Monday, removing some CNY300 billion from the market.