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CHINA MARKETS: Yuan Stronger; Rates Lower; Stocks Down

     BEIJING (MNI) - The yuan was stronger against the U.S. dollar on Friday
after the People's Bank of China set the fixing rate slightly stronger for the
     The yuan was last at 6.5873 against the U.S. unit, compared with the
official closing price of 6.5934 on Thursday.
     The PBOC set the yuan central parity rate at 6.5861, 0.01% stronger than
Thursday's 6.5867.
     Money market rates were lower Friday morning. The seven-day repo average
was last at 2.8528%, compared with Thursday's average of 2.9421%. The overnight
repo average was at 2.7336%, compared with Thursday's 2.8269%.
     The PBOC injected CNY120 billion in liquidity via open-market operations
Friday, leaving liquidity conditions unchanged, as the same amount of reverse
repos matured on the same day.  
     The yield on benchmark 10-year China government bonds was last at 3.5919%,
compared with the previous close of 3.5946%.
     Stocks fell, with the oil and ship manufacturing sectors leading losses.
The benchmark Shanghai Composite Index was last down 0.59% at 3,338.16. Hong
Kong's Hang Seng Index was 0.80% lower at 27,886.20.
--MNI Beijing Bureau; +86 10 85325998; email:
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
[TOPICS: M$A$$$,M$Q$$$,M$$FI$,MN$FI$,MN$FX$]

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