(Yicai Global) May 26 -- The People's Bank of China further weakened the Chinese yuan against the US dollar this morning amid the global economic ramifications of the Covid-19 pandemic.

The PBOC set the central parity rate at 7.1293, 84 basis points softer from yesterday and a new low since February 2008 when the redback was undergoing a nearly decade-long appreciation streak.

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