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EQUITIES

China Bounce Fades, Hang Seng Closes Lower

     BEIJING (MNI) - The yuan fell against the U.S. dollar Tuesday morning after
the People's Bank of China set a weaker daily fixing. 
     The yuan was last at 6.5918 against the U.S. unit, compared with the
official closing price of 6.5618 on Monday. The yuan has weakened every day
since Friday.
     The PBOC set the yuan central parity rate against the U.S. dollar at 6.5530
on Tuesday, modestly weaker than Monday's 6.5419.
     Money market rates were higher Tuesday morning after the PBOC injected
CNY150 billion in liquidity via open-market operations. The seven-day repo
average was last at 2.9223% Tuesday, higher than Monday's average of 2.9079%.
The overnight repo average was at 2.8246%, higher than Monday's 2.7133%.
     The yield on benchmark 10-year China government bonds was last at 3.5766%,
down from the previous close of 3.6057%, according to Wind, a financial data
provider. 
     Stocks were down, led lower by the ceramics and textile manufacturing
sectors. The benchmark Shanghai Composite Index was last down 0.20% at 3,356.17.
Hong Kong's Hang Seng Index was 0.08% lower at 28,136.57.
--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$]