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BEIJING (MNI) - The yuan was stronger against the U.S. dollar on Thursday
after the People's Bank of China set the fixing rate much stronger for the day.
The yuan was last at 6.6106 against the U.S. unit after opening at 6.6076,
compared with the official closing price of 6.6203 on Wednesday.
The PBOC set the yuan central parity rate at 6.6033, 218 bps stronger than
Wednesday's 6.6251, the biggest daily strengthening since foreign exchange
reform in July 2005.
Money market rates were lower Thursday morning. The seven-day repo average
was last at 2.8412%, compared with Wednesday's average of 2.9457%. The overnight
repo average was at 2.7746%, compared with Wednesday's 2.8143%.
The yield on benchmark 10-year China government bonds was last at 3.9346%,
compared with a previous close of 3.9250%.
Stocks dipped, led lower by the health care sector. The benchmark Shanghai
Composite Index was last down 0.47% at 3,287.67. Hong Kong's Hang Seng Index was
0.31% lower at 29,131.67.
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