Chinese shares open higher

Beijing, Jan 6 (IANS) Chinese stocks opened higher on Wednesday, with the benchmark Shanghai Composite Index up 0.11 percent to open at 3,291.19 points.

The smaller Shenzhen index opened 0.46 percent higher at 11,520.77 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, gained 0.69 percent to open at 2,433.36 points.

Chinese yuan weakens against dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened by 145 basis points to 6.5314 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System.

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

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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