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Pullback Considered Corrective

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Holding Above Recent Lows

US EURODLR OPTIONS

BLOCK, Large 3Y Midcurve Put Condor

     BEIJING (MNI) - The yuan rose against the U.S. dollar Wednesday morning
after the People's Bank of China set a stronger daily fixing. 
     The yuan was last at 6.6327 against the U.S. unit, rising 0.16% compared
with the official closing price of 6.6431 on Tuesday. 
     The PBOC set the yuan central parity rate against the U.S. dollar at 6.6263
on Wednesday, stronger than Tuesday's 6.6399. It was the first day the PBOC has
set a stronger fixing after two straight trading days of weaker fixings. 
     Money market rates fell Wednesday morning after the PBOC injected CNY220
billion in liquidity via open-market operations. The seven-day repo average was
last at 2.8283% Wednesday, lower than Tuesday's average of 2.9431%. The
overnight repo average was at 2.7628%, lower than Tuesday's 2.8535%.
     Stocks were down, led lower by the non-ferrous metal ore mining and
property agency sectors. The benchmark Shanghai Composite Index was last down
0.65% at 3,407.11. Hong Kong's Hang Seng Index was 0.54% lower at 28,994.69.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@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$]