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Corrective Bounce Extends

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     BEIJING (MNI) - The Chinese yuan dropped to 6.2916 against the U.S. dollar
on Friday from yesterday's 6.2814 closing, following today's weaker fixing.  
     The People's Bank of China set the yuan central parity rate vs the U.S.
dollar at 6.2898 on Friday, weaker than Thursday's 6.2834. The central bank has
set the parity weaker for two trading days out of five this week.
     Interbank market rates decreased after PBOC chose not to conduct
open-market operation, which resulted in no change of liquidity condition today.
  - 7-day repo average was last at 2.6686%, lower than 2.6948% yesterday 
  - Overnight repo average 2.5398%, down from 2.5489% yesterday. 
     The yield on 10-year China Government Bond last traded 3.7000%, down from
3.7075% close yesterday: Wind Information.
The Shanghai Composite Index dropped 0.19% to 3174.21 at the 10:58 am, while the
Hang Seng Index was slightly down 0.04% to 30820.19.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI Singapore Bureau; +65 8233 2326; email: Asia-Editor@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,M$$FI$,MN$FI$,MN$FX$]

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