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(Z1) Off Lows, But Remains Weak


Still Vulnerable


Bullish Price Sequence

     BEIJING (MNI) - The yuan fell against the U.S. dollar on Monday morning
after the People's Bank of China set a weaker fixing for the day.
     The yuan was last at 6.6130 against the U.S. unit, weaker than the official
closing price of 6.6084 on Friday.
     The People's Bank of China set the yuan central parity rate against the
U.S. dollar at 6.6162 on Monday, weaker than Friday's 6.6113.
     Money market rates fell after the PBOC injected a net CNY260 billion into
the banking system via open market operations. The seven-day repo average was
last at 2.8259%, lower than Friday's average of 2.9185%. The overnight repo
average was at 2.6758%, also lower than Friday's 2.6939%.
     The yield on benchmark 10-year China government bonds was last at 3.9000%,
up from the previous close of 3.8950%, according to Wind, a financial data
     Stocks were flat, although the coal and steel sectors enjoyed gains in the
morning session. The Shanghai Composite Index was unchanged at 3,263.77. Hong
Kong's Hang Seng Index was 0.43% higher at 28,975.39.
--MNI Beijing Bureau; +86 (10) 8532 5998; email:
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
[TOPICS: M$A$$$,M$Q$$$,M$$FI$,MN$FI$,MN$FX$]