Chinese shares open mixed on Tuesday

Chinese shares open mixed on Tuesday

Beijing, July 5 (IANS) Chinese stocks opened mixed on Tuesday, with the benchmark Shanghai Composite Index up 0.11 per cent, at 2,991.75 points.

The smaller Shenzhen index opened 0.11 per cent lower at 10,598.42 points, Xinhua reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, was up 0.22 per cent to open at 2,253.69 points.

Chinese yuan weakens

Beijing, July 5 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 122 basis points to 6.6594 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 two per cent from the central parity rate each trading day, Xinhua 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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