Peking to market bonds to lick inflation, deficit

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China announced it would soon sell its first domestic government bonds since the Cultural Revolution, with a 5 billion yuan ($3.1 billion) issue designed to soak up idle capital. An official newspaper said the bonds would be aimed mainly at state-owned and collectively owned enterprises and local government departments with surplus funds. The Peking Evening News said the 10-year bonds would also be sold to individuals, but not be available to foreigners. The sources said the issue of the securities was an attempt to control infla tion and to reduce the government's deficit.

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