(Yicai Global) May 7 -- China's central bank set the yuan’s central parity rate against the US dollar at 7.0931 this morning, weakening the redback by 241 basis points from the last trading day.

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 its figure during the day.

Editor: Ben Armour