Chinese shares open lower; yuan strengthens

Beijing: Chinese stocks opened lower on Monday, with the benchmark Shanghai Composite Index down 1.60 percent to open at 2,851.02 points.

The Shenzhen Component Index opened 1.93 percent lower at 9,181.71 points, Xinhua news agency reported.

Meanwhile, the central parity rate of the Chinese currency renminbi, or the yuan, strengthened 2 pips to 7.0570 against the US dollar, according to the China Foreign Exchange Trade System.

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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.

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.

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