Chinese shares open mixed; yuan weakens
Beijing: Chinese stocks opened mixed on Monday, with the benchmark Shanghai Composite Index up 0.05 per cent to open at 2,580.84 points.
The Shenzhen Component Index opened 0.12 per cent lower at 7,627.40 points, Xinhua news agency reported.
The ChiNext Index, China’s NASDAQ-style board of growth enterprises, was up 0.06 per cent to open at 1,309.47 points.
Meanwhile, the central parity rate of the Chinese currency renminbi, or the yuan, weakened 147 basis points to 6.9453 against the US dollar on Monday, 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.
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.