Chinese shares open mixed

Beijing, May 31 (IANS) Chinese stocks opened mixed on Tuesday, with the benchmark Shanghai Composite Index flat at 2,822.59 points.

The smaller Shenzhen index opened 0.18 percent higher at 9,786.00 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, was up 0.16 percent to open at 2,061.84 points.

Chinese yuan weakens

Beijing, May 31 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 6 basis points to 6.5790 against the US dollar on Tuesday, 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, Xinhua news agency reported.

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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