The People's Bank of China (PBOC), China's central bank, auctioned 6 billion yuan (885 million U.S. dollars) of one-year bills at a yield of 2.0929 percent at its regular open market operations Tuesday.

The yield on the one-year bill has been steady at 2.0929 percent for almost a month, since June 8, when the PBOC sold 15 billion yuan (2.21 billion U.S. dollars) of bills.

During recent weeks, the central bank has reduced drainage operations in the money market through bill issuance and repurchase agreements, easing short-term liquidity squeezes.

The PBOC pumped 67 billion yuan (9.88 billion U.S. dollars) into the money market last week by offsetting money supply with one-week bills and repurchase agreements.

Some 136 billion yuan (20 billion U.S. dollars) of PBOC bills and repurchase agreements are due to mature this week.