Home Asia News China Chinese shares open higher; yuan weakens

Chinese shares open higher; yuan weakens

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An investor in the trading hall of a Chinese securities firm in Nanjing, China. (File Photo: Xinhua/Su Yang/IANS) by .
An investor in the trading hall of a Chinese securities firm in Nanjing, China. (File Photo: Xinhua/Su Yang/IANS)

Chinese stocks opened higher, with the benchmark Shanghai Composite Index up 1.18 per cent to open at 2,527.72 points…reports Asian Lite News

An investor in the trading hall of a Chinese securities firm in Nanjing, China. (File Photo: Xinhua/Su Yang/IANS) by .
An investor in the trading hall of a Chinese securities firm in Nanjing, China. (File Photo: Xinhua/Su Yang/IANS)

The Shenzhen Component Index opened 1.55 per cent higher at 7,402.6 points.

Meanwhile, the central parity rate of the Chinese currency renminbi, or the yuan, weakened 49 basis points to 6.8894 against the US dollar, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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