The People's Bank of China (PBOC), the central bank, said on Wednesday that it would auction 6 billion yuan ($923 million) of three-month bills in its open market operations on Thursday, down from 11 billion yuan of such bills sold last week.

A total of 158 billion yuan in central bank bills and repos are due to mature this week. PBOC conducted a net injection of 241 billion yuan into the banking system last week.