(Yicai Global) June 24 -- The People's Bank of China weakened the yuan by 31 basis points against the dollar this morning by fixing the central parity rate at 6.8503, some 247 bips lower than the market-based close of 6.8750 on June 21. A lower rate means a stronger yuan.

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

Editor: James Boynton