Chinese yuan strengthens

Chinese yuan strengthens

Beijing, July 28 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 74 basis points to 6.6597 against the US dollar on Thursday, 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 per cent 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.

Chinese shares open lower

Beijing, July 28 (IANS) Chinese stocks opened lower on Thursday, with the benchmark Shanghai Composite Index down 0.38 per cent to open at 2,980.5 points.

The smaller Shenzhen index opened 0.18 per cent lower at 10,386.83 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, was down 0.24 per cent to open at 2,150.32 points.

Tokyo shares open lower

Tokyo, July 28 (IANS) Tokyo shares opened lower on Thursday as the US Federal Reserve maintained interest rates unchanged, leaving open the possibility of rate hike later this year, while market sentiment was weighed by yen’s appreciation.

The 225-issue Nikkei Stock Average lost 89.14 points, or 0.53 per cent, from Wednesday to 16,575.68, Xinhua news agency reported.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 9.20 points, or 0.70 per cent, to 1,312.47.

Decliners were led by air transportation, banking and insurance issues.

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