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BEIJING (MNI) - The yuan rose against the U.S. dollar Monday morning even
though the People's Bank of China set a weaker daily fixing.
The yuan was last at 6.5990 against the U.S. unit, compared with the
official closing price of 6.6037 on Friday.
The PBOC set the yuan central parity rate against the U.S. dollar at 6.5874
on Monday, weaker than Friday's 6.5810. It was the first weaker fixing after
three straight trading days of stronger fixings.
Money market rates were mixed Monday morning after the PBOC's CNY140
billion injection in liquidity via open-market operations resulted in no net
injection, as the same amount of reverse repos matured Monday. The seven-day
repo average was last at 2.7203% Monday, lower than Friday's average of 2.9387%.
The overnight repo average was at 2.7910%, higher than Friday's 2.7891%.
The yield on benchmark 10-year China government bonds was last at 3.9300%,
down from the previous close of 3.9375%, according to Wind, a financial data
Stocks were down, led lower by the air freight and insurance sectors. The
benchmark Shanghai Composite Index was last down 0.69% at 3,330.67. Hong Kong's
Hang Seng Index was 0.37% lower at 29,756.41.
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