Chinese shares went up on Friday morning, which was spurred by the readjustment of the exchange rate of the Chinese currency, Renminbi(RMB) or yuan.

The indices on Shanghai and Shenzhen stock exchanges climbed in opening sessions, with the Composite Stock Index on the Shanghai Stock Exchange up 6 points within the first half hour of the trading session.

Shares representing paper-making and aviation sector rose by big margins as the exchange rate readjustment will bring down their production costs, or cheaper imports of paper pulp and fuel oil.

Minfeng Paper-making firm saw its shares gaining about 10 percent on the Shanghai market.

China announced Thursday to allow its yuan to appreciate by a modest 2 percent, but said its exchange rate will not float by a big margin, aiming apparently to ward off speculative activities betting on the yuan's further jumps.

The overall aim of exchange rate reform is to build a managed, floating exchange rate mechanism based on market supply and demand and to maintain the yuan's basic stability at a reasonable equilibrium, the People's Bank of China (PBoC), or the central bank, said.

Source: Xinhua