The People's Bank of China (PBOC), China's central bank, auctioned 56 billion yuan (US$8.26 billion) of one-year bills through its regular open market operations Tuesday at a yield of 2.0929 percent.

The yield of one-year bills has been unchanged at 2.0929 percent since June 8.

Bills and repurchase agreements worth 274 billion yuan (40.41 billion U.S. dollars) will mature this week, a sharp increase from 100 billion yuan (14.7 billion U.S. dollars) last week.

Li Rong, a fixed-income analyst at Shenyin Wanguo Securities, said the money market would remain loose this week.

"I expect a net liquidity injection between 40 billion yuan (5.9 billion U.S. dollars) to 60 billion yuan (8.8 billion U.S. dollars) by the central bank this week," Li said.

Demand for cash in the market was another factor the PBOC has to take into account when carrying out its open market operations this week, she said.

About 700 billion yuan (103 billion U.S. dollars) to 800 billion (118 billion U.S. dollars) of liquidity will be locked up in the market this week as shares of seven companies were open to subscribers for their initial public offerings, she said.