(Yicai Global) July 4 -- The People's Bank of China set the Chinese yuan's central parity rate against the US dollar 65 basis points softer to 6.8705 this morning.

The central parity rate is 128 points weaker than yesterday's closing price of 6.8833.

The central bank's China Foreign Exchange Trade System fixes the benchmark rate each business day and spot rates may deviate 2 percent around that figure.

Editor: Emmi Laine