The People's Bank of China is arming itself for its first direct market intervention in decades, as it sent its strongest signals yet of its determination to slow the rush of money into sovereign bonds. 
On Friday, the central bank said it had struck deals with several institutions to borrow several hundred billion renminbi of long-dated bonds that it can sell into the market to try to satisfy demand. The PBoC said it would continue to borrow and sell the bonds on an open-ended and unsecured basis.
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