Chinese yuan weakens

Chinese yuan weakens

Beijing, July 25 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 191 basis points to 6.6860 against the US dollar on Monday, 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 per cent 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

Beijing, July 25 (IANS) Chinese stocks opened lower on Monday, with the benchmark Shanghai Composite Index down 0.16 per cent to open at 3,008.09 points.

The smaller Shenzhen index opened 0.23 per cent lower at 10,684.55 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, was down 0.18 per cent to open at 2,245.86 points.

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