(Yicai Global) Aug. 5 -- The People's Bank of China softened the yuan by 229 basis points against the dollar this morning, fixing the central parity rate at 6.9225, which was 191 basis points lower than Aug. 2's market close price of 6.9416. 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 that figure.

Editor: Ben Armour