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Extends gains against the Pound and EUR

     BEIJING (MNI) - The yuan strengthened against the U.S. dollar on Monday
morning after the People's Bank of China set a stronger fixing for the day. 
     The yuan was last at 6.4315 against the U.S. unit, up from 6.4680 on
Friday. The currency rose as high as 6.4280 in the morning session, the
strongest since Dec. 9, 2015. 
     The PBOC set the yuan central parity rate against the U.S. dollar at 6.4574
on Monday, stronger than Friday's 6.4932.It was the strongest since May. 3. It
was also the biggest daily gain since Oct. 11. 
     Money market rates were lower after the PBOC injected a net of CNY265.5
billion via it open-market operations and Medium-term Lending Facility. The
seven-day repo average was last at 2.7762%, lower than Friday's average of
2.9043%. The overnight repo average was at 2.7610%, higher than Friday's
2.8355%. 
     The yield on benchmark 10-year China government bonds was last at 3.9650%,
up from the previous close of 3.9350%, according to Wind, a financial data
provider. 
     Mainland stocks rose, led by shares of property and securities companies.
The benchmark Shanghai Composite Index was up 0.14% at 3,433.59 at the mid-day
trading break. Hong Kong's Hang Seng Index gained 0.71%  to 31,637.02.
--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,M$$FI$,MN$FI$,MN$FX$]