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BEIJING (MNI) - The yuan fell against the U.S. dollar on Monday morning
after the People's Bank of China set a weaker fixing for the day.
The yuan was last at 6.6372 against the U.S. unit, weaker than the official
closing price of 6.6295 on Friday.
The People's Bank of China set the yuan central parity rate against the
U.S. dollar at 6.6247 on Monday, weaker than Friday's 6.6072. The PBOC set the
fixing weaker for the first time after four straight trading days of stronger
Money market rates were lower after the PBOC drained a net CNY160 billion
after skipping open-market operations for the day.
The seven-day repo average was last at 2.7082%, lower than Friday's average
of 2.9000%. The overnight repo average was at 2.4614%, also lower than Friday's
The yield on benchmark 10-year China government bonds was last at 3.8700%,
down from the previous close of 3.8800%, according to Wind, a financial data
Stocks were lower, dragged down by shares of property companies. The
benchmark Shanghai Composite Index was 0.25% lower at 3,363.31. Hong Kong's Hang
Seng Index was 1.37% lower at 28,211.21.
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