LIVE3 -- PBOC Lowers Yuan-Dollar Central Parity Rate by 124 Points to 6.8526

(Yicai Global) Jan. 9 -- The People's Bank of China lowered the yuan-dollar central parity rate by 124 basis points this morning, weakening Chinese currency's value against the greenback.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the benchmark at 6.8526, 22 points higher than yesterday's close of 6.8548 points. Spot rates may deviate 2 percent above or below the figure.

The exchange rate of yuan against the US dollar will be "stable and depreciating" in a moderate range within control, Chinese financial news outlet JRJ reported Wang Youxin, a researcher from the Institute of International Finance at the Bank of China, as saying. China's economic growth rate has ranged between 6.5 percent and 6.9 percent for 13 consecutive quarters, and the market has strong confidence in the domestic economy, which is conducive to the stability of the yuan, he added.

Editor: William Clegg