(Yicai Global) May 28 -- The People's Bank of China further softened the yuan against the US dollar after the Chinese currency traded at its weakest level in nine months abroad yesterday.

The PBOC set the parity rate at 7.1277 today, 185 basis points weaker for the redback from the previous trading day.

The Chinese yuan yesterday depreciated nearly 0.50 percent against the US dollar onshore, with an intraday reading of 7.1765 being the weakest in nine months, as investors continued putting their money into safe-haven assets amid the pandemic.

China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, sets the benchmark rate on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

Editor: Emmi Laine