Chinese shares open higher after central bank loosening

Chinese stocks opened higher Wednesday following the central bank's decision to cut interest rates and the reserve requirement ratio (RRR).

The benchmark Shanghai Composite Index opened at 2,980.79 points, up 0.53 percent. The Shenzhen Component Index opened 0.02 percent higher at 10,199.90.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, opened 0.74 percent lower at 1,975.92 points.