(Yicai Global) May 29 -- The People's Bank of China further weakened the Chinese yuan against the US dollar this morning amid global uncertainties brought forth by the Covid-19 pandemic.

The PBOC set the central parity rate at 7.1316, 39 basis points softer from yesterday and a new low since February 2008 when the redback was undergoing a nearly decade-long appreciation streak.

The yuan has depreciated relatively fast this week, touching an intraday reading of 7.1765 on May 27, the weakest in nine months.

China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, sets the benchmark rate on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

Editor: Emmi Laine