Free Trial

MNI CHINA MARKETS: Yuan Weaker; Rates Lower; Stocks Down

     BEIJING (MNI) - The yuan was weaker against the U.S. dollar on Thursday
after the People's Bank of China set the fixing rate weaker for the day.
     The yuan was last at 6.6364 against the U.S. unit, compared with the
official closing price of 6.6298 on Wednesday.
     The PBOC set the yuan central parity rate at 6.6286, 0.03% weaker than
Wednesday's 6.6263.
     Money market rates were lower Thursday morning. The seven-day repo average
was last at 2.7806%, compared with Wednesday's average of 2.9759%. The overnight
repo average was at 2.7523%, compared with Wednesday's 2.8184%.
     The PBOC injected CNY187.5 billion in liquidity via open-market operations
on Thursday, taking into account the maturing reverse repos and Medium-term
Lending Facility loans.
     The yield on benchmark 10-year China government bonds was last at 3.9400%,
compared with a previous close of 3.9700%.
     Stocks fell, with the textile, packaging, and motorcycle-making sectors
leading losses. The benchmark Shanghai Composite Index was last down 0.08% at
3,399.95. Hong Kong's Hang Seng Index was 0.59% higher at 29,022.22.
--MNI Beijing Bureau; +86 10 85325998; email: he.wei@marketnews.com
--MNI Beijing Bureau; +86 (10) 8532-5998; email: vince.morkri@marketnews.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.