The Chinese yuan eased, on course to mark its seventh week of losses, although the losses were cushioned by Chinese state banks' swapping of dollars for yuan in the forward market. Traders suspected they had also been selling spot dollars.

It was expected that some foreign banks would also enter the market after the financial reforms but this did not occur, probably due to the restriction of having a minimum 30% local shareholding. The stringent foreign currency controls could also have played a part, as well as the cautious approach adopted by the licensing authorities. Existing foreign banks were not required to shed part of their shareholding although Barclay's Bank did, through listing on the local stock exchange.

"This must at most be an interim solution that is ended quickly," said Stefan Mair of the Federation of German Industries. "Such a decision in an individual case carries the risk of impairing the climate for foreign investments."

Shares in consumer goods company Reckitt Benckiser, supermarket retailer Carrefour, construction group Vinci, BT and bank BBVA rose following well-received results, lifting the pan-European STOXX 600 benchmark, closing 0.6 percent higher.

Most market players expect central bankers meeting on Monday to stop short of making immediate policy changes and to say instead that they will study ways to reduce the side-effects of the prolonged easing, such as hits to banks' profits.

KAMPALA, July 27 (Reuters) - The Ugandan shilling was a touch weaker on Friday, amid limited demand mainly in the interbank market, traders said. At 1021 GMT commercial banks quoted the shilling at 3,700/3,710, little-changed from Thursday's close of 3,695/3,705. UGX Spot Rate................... Ugandan Shilling Money Guide.... Calculated Cross Rates.......... Deposits........................ Deposits Editing by Omar Mohammed)

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