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China asks underwriters of treasuries to resubmit bids following PBOC's bond borrowing plan, sources say

SHANGHAI/BEIJING, July 3 (Reuters) - China's finance ministry on Wednesday asked underwriters of 30-year treasuries that are to be sold on Friday to resubmit bid information, citing potential shifts in demand after the central bank unveiled bond borrowing plans, seven sources told Reuters. The People's Bank of China (PBOC) said on Monday that it will borrow sovereign bonds from primary dealers soon, setting the stage for possible government debt selling to cool a feverish bond rally. The Ministry of Finance, which will auction 58 billion yuan ($7.97 billion) of 30-year treasury bonds on July 5, told underwriters to resubmit bids on Wednesday, underwriter sources said. The ministry said in a notice to underwriters that "demand from some underwriters may change" following the PBOC announcement, according to the sources. The ministry did not immediately respond to Reuters' request for comment. ($1 = 7.2731 Chinese yuan renminbi) (Reporting by Shanghai and Beijingn newsroom; Editing by Christopher Cushing) Keywords: CHINA MARKET/BONDS (URGENT)
China asks underwriters of treasuries to resubmit bids following PBOC's bond borrowing plan, sources say