(Yicai Global) Aug. 22 -- The People's Bank of China lowered the yuan's central parity rate against the dollar by 57 basis points to 7.0490 this morning, marking an 11-year nadir for the redback.

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