MNI CHINA MARKETS: Yuan Falls; Rates Mixed; Stocks Up

     BEIJING (MNI) - The yuan weakened against the U.S. dollar on Wednesday

morning after the People's Bank of China set a weaker fixing for the day.

     The yuan was last at 6.6406 against the U.S. unit, weaker than the official

closing price of 6.6324 on Tuesday. 

     The People's Bank of China set the yuan central parity rate against the

U.S. dollar at 6.6277, weaker than Tuesday's 6.6216.

     Money market rates were mixed after the PBOC drained a net CNY40 billion

via open-market operations for the day. The seven-day repo average was last at

2.7115%, lower than Tuesday's average of 2.8000%. The overnight repo average was

at 2.5819%, higher than Tuesday's 2.5400%.

     The yield on benchmark 10-year China government bonds was last at 3.9050%,

up from the previous close of 3.8950%, according to Wind, a financial data

provider. 

     Stocks were higher, led by shares of electric vehicle manufacturers in the

morning session. The benchmark Shanghai Composite Index was 0.38% higher at

3,426.53. Hong Kong's Hang Seng Index was 0.11% higher at 29,025.01.

--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@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$]