The Ministry of Finance will sell at least 30 billion yuan ($4.7 billion) of five-year bonds at a yield of 2.89 percent on Wednesday, according to the median estimate in a Bloomberg News survey of six finance companies.

The highest forecast was 2.93 percent and the lowest 2.87 percent. The yield on similar-maturity notes was 2.98 percent in the secondary market on Monday, according to data compiled by Chinabond.

Investors will bid on the yield at the auction. The issuer will set the security's coupon by taking an average of the winning bids.

China Daily-Agencies