Free Trial

CHINA MARKETS: Yuan Weaker; Rates Mixed; Stocks Rise

     BEIJING (MNI) - The yuan fell slightly against the U.S. dollar Wednesday
morning even though the People's Bank of China set a stronger daily fixing. 
     The yuan was last at 6.6282 against the U.S. unit, compared with the
official closing price of 6.6272 on Tuesday. 
     The PBOC set the yuan central parity rate against the U.S. dollar at 6.6300
on Wednesday, much stronger than Tuesday's 6.6397. It was the largest daily rise
in the fixing since Oct. 11.
     Money market rates were mixed Wednesday morning after the PBOC injected
CNY240 billion in liquidity via open-market operations. The seven-day repo
average was last at 2.8489% Wednesday, higher than Tuesday's average of 2.8344%.
The overnight repo average was at 2.7187%, much lower than Tuesday's 2.8460%.
     The yield on benchmark 10-year China government bonds was last at 3.8750%,
down from the previous close of 3.8800%, according to Wind, a financial data
provider. 
     Stocks were up, led higher by the storage and electronics sectors. The
benchmark Shanghai Composite Index was last up 0.12% at 3,397.40. Hong Kong's
Hang Seng Index was 0.52% higher at 28,393.51. 
--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$]

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.