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BEIJING (MNI) - The yuan strengthened against the U.S. dollar on Thursday
morning after the People's Bank of China set a stronger fixing for the day.
The yuan was last at 6.5700 against the U.S. unit, stronger than the
official closing price of 6.5798 on Wednesday. The yuan rose as high as 6.5538
against the U.S dollar in the morning session, the strongest since Sept. 18.
The yuan has appreciated a total 470 pips since Tuesday as the market has
digested the positive effect of the U.S. tax cut and the dollar index has moved
The People's Bank of China set the yuan central parity rate against the
U.S. dollar at 6.5795 on Thursday, stronger than Wednesday's 6.6066. Today's
fixing was the highest since Sept. 20, and marks the biggest daily rise since
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 2.7664%, lower
than Wednesday's average of 2.9024%. The overnight repo average was at 2.6174%,
also lower than Wednesday's 2.6963%. But the 14-day repo average rate rose as
cross-month liquidity demand increased. The rate was last at 4.9079%, much
higher than Wednesday's 4.0738%.
The yield on benchmark 10-year China government bonds was last at 3.9100%,
up from the previous close of 3.9000%, according to Wind, a financial data
Mainland stocks were up, led by the property and steel sectors in the
morning session. The benchmark Shanghai Composite Index was 0.30% higher at
3,297.51. Hong Kong's Hang Seng Index was 0.47% higher at 29,271.39
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