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CHINA MARKETS: Yuan Stronger; Rates Drop; Stocks Down 

     BEIJING (MNI) - The yuan rose against the U.S. dollar Tuesday morning after
the People's Bank of China set a stronger daily fixing. 
     The yuan was last at 6.6356 against the U.S. unit, compared with the
official closing price of 6.6476 on Monday. It marks the second consecutive
trading day the yuan has strengthened.
     The PBOC set the yuan central parity rate against the U.S. dollar at 6.6397
on Tuesday, stronger than Monday's 6.6487. It was the first stronger fixing
after two consecutive trading days of weaker fixings.
     Money market rates fell Tuesday morning after the PBOC injected CNY80
billion in liquidity via open-market operations. The seven-day repo average was
last at 2.6982% on Tuesday, lower than Monday's average of 2.9570%. The
overnight repo average was at 2.6693%, lower than Monday's 2.7791%.
     The yield on benchmark 10-year China government bonds was last at 3.8900%,
down from the previous close of 3.9050%, according to Wind, a financial data
provider. 
     Stocks were down, dragged lower by the water freight and insurance sectors.
The benchmark Shanghai Composite Index was last down 0.28% at 3,380.88. Hong
Kong's Hang Seng Index was 0.17% lower at 28,287.97.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI Beijing Bureau; +86 (10) 8532-5998; email: vince.morkri@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,M$$FI$,MN$FI$,MN$FX$]
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
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