The decision indicates a willingness among policy makers to inject more stimulus into the economy, according to a note from Bloomberg economist Qian Wan.
The yield on benchmark 10-year government bonds briefly rose about 2 basis points to near 3.2 per cent following Wednesday's announcement. It then fell on Thursday to 3.18 per cent. "This move echoes our view of a supportive policy stance," Morgan Stanley economists led by Robin Xing wrote in a note."The issuance could start as early as next month, and focus on infrastructure projects in Southern China which could operate smoothly during winter."
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