Jan. 19 (Bloomberg) -- Chinaâs central bank guided its benchmark one-year bill yield to the highest level in 14 months to curb record loan growth and prevent bubbles in the nationâs property and stock markets. The Peopleâs Bank of China sold the bills at a rate of 1.9264 percent in open-market operations, according to data compiled by Bloomberg. The yield increased eight basis points, the same as last week, after five months during which the benchmark was held unchanged. The consecutive jumps in yields suggest central bank Governor Zhou Xiaochuan is gradually raising the cost of financing for lenders in the interbank market, even after three- month bill rates were left unchanged last week. The monetary authority on Jan. 12 also announced an increase to the amount of funds banks must set aside as reserves. âThe PBOC will continue to drain cash from the market as banks still have sufficient funds,â said Dong Dezhi, a bond analyst with Bank of China Trading Center in Shanghai. âThe yield will rise in the next two weeks to around 2 percent.â Government bonds declined. The yield on the 3.68 percent notes due November 2019 rose two basis points to 3.7 percent, according to the National Interbank Funding Center. The seven- day repurchase rate, which measures funding availability on the interbank market, fell four basis points to 1.35 percent as of 11:40 a.m. in Shanghai. http://www.bloomberg.com/apps/news?pid=20601087&sid=axusQhb8YhoY&pos=4 China must move even faster with rate hikes...