China's finance ministry plans to issue about 2.5 trillion yuan ($347.4 billion) in government bonds in the fourth quarter, two sources with direct knowledge of the matter told Reuters on Thursday.

The news also adds that the ministry has also urged local governments to complete issuing the roughly 500 billion yuan in special bonds by the end of October under carryover quotas from previous years, per the source.

Earlier in the day, China’s Securities Times mentioned that the yuan is unlikely to continue depreciating rapidly. “As long as market expectations can be stabilized, and as the policies to support domestic economic growth continue to take effect, it will be hard for the dollar index to bring huge volatility to the yuan,” added the Chinese media.

Market reaction

AUD/USD renews intraday low around 0.6480 despite the price-positive news. The reason could be linked to the market’s risk-off mood and reversing of the yields.

Also read: AUD/USD Price Analysis: Bulls take on the bears in key correction territory

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