Free Trial

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

     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
day.
     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: 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.