Chinese yuan weakens

Beijing, Dec 30 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened by 31 basis points to 6.4895 against the US dollar on Wednesday, 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 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.

Canadian stock market falls
(09:11)
Toronto, Dec 30 (IANS) Canada’s main stock market in Toronto closed lower amid weakness in mining and energy stocks as the market reopened after an extended Christmas break.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lost 64.05 points, or 0.48 percent, to 13,245.75 points, closing in negative territory for the first time in a week, Xinhua reported.

The market was closed Friday for Christmas and Monday in lieu of Boxing Day on Saturday. It rose 2.2 percent during an abbreviated week last week.

Five of the TSX index’s eight main sectors edged down, led by a 3.52 percent drop in metals and mining. Goldcorp Inc fell 3.91 percent to 16.23 Canadian dollars and Barrick Gold Corp declined 3. 05 percent to 10.49 dollars.

Energy stocks fell, including a 0.72 percent drop in Encana Corporation to 6.93 Canadian dollars. Crude oil prices rallied in thin trading on the prospect of colder weather, but only after falling more than 3 percent on Monday.

Financial sector stocks clung to a modest gain, helped by a 1.02 percent gain for Bank of Montreal to 79.51 Canadian dollars.

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