Chinese yuan strengthens

Chinese yuan strengthens

Beijing, Oct 14 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 139 basis points to 6.7157 against the US dollar on Friday, 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, 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, Oct 14 (IANS) Chinese stocks opened lower on Friday, with the benchmark Shanghai Composite Index down 0.14 per cent to open at 3,056.99 points.

The smaller Shenzhen Component index opened 0.12 per cent lower at 10,774.37 points, Xinhua news agency reported.

The ChiNext Index, China’s NASDAQ-style board of growth enterprises, was down 0.21 per cent to open at 2,203.97 points.

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