(Yicai Global) Feb. 20 -- The People's Bank of China softened the yuan by 14 basis points against the US dollar this morning to 7.0026 for the third day the redback has retreated.

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 its figure.

Editor: Ben Armour