(Yicai Global) May 7 -- The People's Bank of China fixed the yuan's central parity rate 270 points higher against the dollar today, marking the weakest redback since Feb. 19. 

The China Foreign Exchange Trade System (CFETS), the interbank trading and foreign exchange division of China's central bank, set the rate at 6.7614 against the dollar following Monday's market-based close of 6.7666. A higher rate means a weaker yuan.

The yuan slumped by as much as 1 percent against the greenback in intraday trading yesterday, reaching as nadir of 6.7958 in onshore markets. It recovered most of the lost ground toward the end of the day.

CFETS fixes the benchmark parity rate on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

Editor: James Boynton