(Yicai Global) July 16 -- The People's Bank of China softened the yuan against the US dollar this morning, fixing the central parity rate at 7.0043, 130 basis points weaker for the redback than yesterday's 6.9913.

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 swing 2 percent above or below its figure.

Editor: Ben Armour