China approve bonds sale worth 1.55 tril yuan

http://www.bloomberg.com/apps/news?pid=20601080&sid=auOI8XkDzEBs&refer=asia -Ministry of Finance will use proceeds to buy $200 bil foreign reserve from central bank(People's Bank of China) -Finance Ministry existing outstanding debt is 2.9 tril Yuan, 1.5 tril new issue 50% increase, curbing liquidity -Soaking up 1.5 tirl has the same effect as raising bank reserve requirement ratio 10 times with a magnitude of 0.5% each. -China Development Bank, the lender and the nation's biggest bond seller after the finance ministry, failed to sell 8 bil yuan asset-backed securities auction.