China’s Finance Ministry issues 60 billion yuan in 91-day bonds at 1.1061% yield

The sub-expectation marginal rate and a bid-to-cover near three times point to firm demand for the shortest tenor of sovereign paper, a signal about where cash is being parked rather than a view on growth. The gap between the average and marginal rates suggests the auction cleared with some concession at the tail, worth noting for how the next short-dated sale is priced. Whether this appetite for 91-day paper persists as more issuance arrives is the open question, and it bears on the broader curve's shape.