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China Repo Rates Rise on Tuesday


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     BEIJING (MNI) - The yuan was weaker against the U.S. dollar on Wednesday
after the People's Bank of China set the fixing rate slightly weaker for the
     The yuan was last at 6.5592, compared with the official closing price of
6.5440 on Tuesday.
     The PBOC set the yuan central parity rate at 6.5421, 0.01% weaker than
Tuesday's 6.5416.
     Money market rates were mixed Wednesday morning. The seven-day repo average
was last at 2.7587%, compared with Tuesday's average of 2.9317%. The overnight
repo average was at 2.6483%, compared with Tuesday's 2.5713%.
     The PBOC drained a net CNY40 billion in liquidity on Wednesday after it
skipped open-market operations for the fourth consecutive trading day.  
     The yield on benchmark 10-year China government bonds was last at 3.8950%,
compared with the previous close of 3.8875%.
     Stocks fell, led lower by the household appliance, financial and
agricultural sectors. The benchmark Shanghai Composite Index was last down 0.04%
at 3,304.78. Hong Kong's Hang Seng Index was 0.16% higher at 29,625.20.
--MNI Beijing Bureau; +86 10 85325998; email:
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
[TOPICS: M$A$$$,M$Q$$$,M$$FI$,MN$FI$,MN$FX$]