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(Z1) Off Lows, But Remains Weak


Still Vulnerable


Bullish Price Sequence

     BEIJING (MNI) - The yuan was stronger against the U.S. dollar on Thursday
after the People's Bank of China set the fixing rate slightly stronger for the
     The yuan was last at 6.5460 against the U.S. unit, compared with the
official closing price of 6.5555 on Wednesday.
     The PBOC set the yuan central parity rate at 6.5412, 0.01% stronger than
Wednesday's 6.5421.
     Money market rates were lower Thursday morning. The seven-day repo average
was last at 2.7825%, compared with Wednesday's average of 2.8773%. The overnight
repo average was at 2.6426%, compared with Wednesday's 2.6636%.
     The PBOC drained a net CNY30 billion in liquidity after it skipped
open-market operations for the fifth consecutive trading day.
     The yield on benchmark 10-year China government bonds was last at 3.8950%,
compared with the previous close of 3.9000%.
     Stocks rose, with the winery, textile, and printing and packaging sectors
leading gains. The benchmark Shanghai Composite Index was last up 0.31% at
3,285.89. Hong Kong's Hang Seng Index was 0.62% higher at 29,782.56.
--MNI Beijing Bureau; +86 10 85325998; email:
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
[TOPICS: M$A$$$,M$Q$$$,M$$FI$,MN$FI$,MN$FX$]