Another thing to check is the text font. I have found that SOME text fonts will give you the desired text using %% and then a number (like 189). Others will not.
Also, it seems to me that DTEXT should provide the same result as TEXT would.
Another couple of comments... In the string that you listed, you need an underscore (_) ahead of the MC to get the Middle Center justification. Also, the \0 is giving you a height of 0 - therefore, no text... Is that right?