(Yicai Global) May 25 -- The People's Bank of China softened the Chinese yuan to the lowest in more than twelve years amid the global economic ramifications of the Covid-19 pandemic.

The PBOC set the central parity rate at 7.1209, 270 basis points weaker than the previous trading day and the softest since February 2008 when the yuan was undergoing a long depreciation streak.

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 the figure.

Editor: Emmi Laine