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Free AccessMNI CHINA MARKETS: Yuan Strengthens; Rates Fall; Stocks Flat
BEIJING (MNI) - The yuan rose against the U.S. dollar on Friday morning
even thought the People's Bank of China set a weaker fixing for the day.
The yuan was last at 6.5794 against the U.S. unit, stronger than the
official closing price of 6.5858 on Thursday.
The People's Bank of China set the yuan central parity rate against the
U.S. dollar at 6.5821 on Friday, weaker than Thursday's 6.5795. The PBOC has set
the fixing weaker for two trading days out of five this week.
Money market rates were down as the supply of short-term capital was ample
in the interbank market. The seven-day repo average was last at 2.7377%, lower
than Thursday's average of 2.8214%. The overnight repo average was at 2.5641%,
also lower than Thursday's 2.6103%. But the 14-day repo average rate rose as
cross-month liquidity demand increased. The rate was last at 4.5405%, higher
than Thursday's 4.5319%.
The yield on benchmark 10-year China government bonds was last at 3.9124%,
down from the previous close of 3.9176%, according to Wind, a financial data
provider.
Mainland stocks were flat, with property and high-tech sectors dragging
down the performance in the morning session. The benchmark Shanghai Composite
Index was unchanged at 3,298.32. Hong Kong's Hang Seng Index was 0.55% higher at
29,422.38
--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$]
To read the full story
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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.