(Yicai Global) April 27 -- China's central bank set the yuan’s central parity rate against the US dollar at 7.0703 this morning, weakening the redback by 100 basis points from April 24.

The Chinese Foreign Exchange Trade System, the interbank trading and foreign exchange division under China’s central bank, fixes the benchmark parity rate on the morning of each business day. Spot rates may deviate 2 percent above or below the figure during that day.