Free Trial

MNI CHINA MARKETS: Yuan Stronger; Rates Mixed; Stocks Down

     BEIJING (MNI) - The yuan was stronger against the U.S. dollar on Wednesday
even though the People's Bank of China set a weaker fixing rate for the day.
     The yuan was last at 6.6200 against the U.S. unit after opening at 6.6245,
compared with the official closing price of 6.6212 on Tuesday.
     The PBOC set the yuan central parity rate at 6.6251, weaker than Tuesday's
6.6162.
     Money market rates were mixed Wednesday morning. The seven-day repo average
was last at 2.8209%, down from Tuesday's average of 2.9108%. The overnight repo
average was at 2.7866%, higher than Tuesday's 2.7510%.
     The yield on benchmark 10-year China government bonds was last at 3.9287%,
down from the previous close of 3.9300%.
     Mainland stocks were down slightly, led lower by property sector stocks.
The benchmark Shanghai Composite Index was last down 0.02% at 3,280.12. However,
Hong Kong's Hang Seng Index was 0.36% higher at 28,896.46.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.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.