(Yicai Global) April 16 -- The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under China's central bank, set the yuan parity rate against the US dollar at 7.0714, 312 basis points weaker for the redback than yesterday.

The CFETS fixes the benchmark parity rate on the morning of each business day. Spot rates may deviate 2 percent above or below its figure.

Editor: Ben Armour