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(Yicai Global) March 15 -- The People's Bank of China weakened the yuan's central parity rate against the dollar by 158 basis points this morning to 6.7167, representing its biggest decline since 12th Feb.
The China Foreign Exchange Trade System, the interbank trading and forex division of the central bank, sets the benchmark on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.
The onshore yuan-dollar spot rate opened 11 bips stronger at 6.7219 compared with yesterday's close, indicating a stronger redback. The offshore yuan, which is not restricted by the central parity rate, started the day at 6.7220.
Editor: William Clegg