(Added updated auction amount from finance ministry)
BEIJING, Nov 14 (Reuters) - China’s central bank said on Tuesday it would auction 120 billion yuan ($18.08 billion) of three-month deposits to commercial banks on Nov. 17.
The maturity date of the deposits is Feb. 23.
The central bank operates the sale on behalf of China’s finance ministry, which runs a cash management programme. Banks will bid for the right to take the deposits.
China’s finance ministry’s said on Monday the central bank would auction 80 billion yuan of three-month deposits to commercial banks but on Tuesday said the amount had been increased by 40 billion yuan by the central bank.
$1 = 6.6388 Chinese yuan Reporting by Beijing Monitoring Desk; Editing by Sam Holmes