Free Trial

MNI CHINA MARKETS: Yuan Stronger; Rates Diverged; SH Shares Up

     BEIJING (MNI) - The Chinese yuan climbed to 6.2587 against the U.S. dollar
on Tuesday from yesterday's 6.2849 closing, following today's stronger fixing.  
     The People's Bank of China set the yuan central parity rate vs the U.S.
dollar at 6.2816 on Tuesday, 377 bps stronger than Monday's parity - the biggest
daily rise since Oct 17, 2017.
     Interbank market rates diverged after PBOC chose not to conduct open-market
operation, which resulted in a net drain of CNY120 billion.
  - 7-day repo average dropped to 2.7357% from 2.8312% yesterday 
  - Overnight repo average was 2.5753%, up from 2.5285% yesterday. 
     Yield on the 10-year China Government Bond last traded at 3.7300%, same as
the close yesterday: Wind Information.
The Shanghai Composite Index rose 0.88% to 3161.28 as of 10:56 am, while the
Hang Seng Index was last at 30,801.80, up 0.83%.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI Singapore Bureau; +65 8233 2326; email: Asia-Editor@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.