Chinese yuan weakens

Chinese yuan weakens

Beijing, May 18 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 16 basis points to 6.5216 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 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.

Chinese shares open lower on Wednesday

Beijing, May 18 (IANS) Chinese stocks opened lower on Wednesday, with the benchmark Shanghai Composite Index down 0.55 percent to open at 2,828.18 points.

The smaller Shenzhen index opened 0.74 percent lower at 9,835.58 points, Xinhua reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, was down 0.90 percent to open at 2,062.81 points.

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