(Yicai Global) Aug. 23 -- The People's Bank of China raised the yuan's central parity rate against the dollar by 82 basis points to 7.0572 this morning, marking another 11-year nadir for the redback.

The yuan depreciated significantly against the dollar yesterday, trading as soft as 7.0965 intraday to log the weakest redback since March 2008. It lost 0.34 percent against the greenback onshore to close at 7.0866.

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