Chinese yuan strengthens

Beijing, Jan 14 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 14 basis points to 6.5616 against the U.S. 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 two percent 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.

Tokyo stocks plunge in early trading

¬†Tokyo stocks declined at the opening on Thursday as Wall Street’s decline overnight compounded a dour market mood resulted from major global bourses losing ground recently.

As of 9.15 a.m., the 225-issue Nikkei Stock Average plunged 591. 51 points, or 3.34 percent, from Wednesday to 17,124.12, Xinhua news agency reported.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, tumbled 45.57 points, or 3.16 percent, to 1,396.52.

All categories on the main section retreated, with iron and steel, electric machinery and wholesale trade issues comprising major decliners.

Chinese shares open lower

Chinese stocks opened lower on Thursday, with the benchmark Shanghai Composite Index down 2.56 percent, at 2,874.05 points.

The smaller Shenzhen index opened 3.01 percent lower at 9,678.22 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, lost 3.33 percent to open at 1,991.23 points.

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