(Yicai Global) March 20 -- The People's Bank of China weakened the yuan by 39 basis points against the dollar this morning, fixing the central parity rate at 6.7101 and depreciating the redback for the first time this week.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, still set the rate 53 basis points lower than yesterday's market-based closing price of 6.7154. A lower rate means a stronger yuan.

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

Editor: James Boynton