(Yicai Global) May 6 -- The yuan slumped against the dollar in onshore exchanges this morning, following a similar dive in international trade amid apprehension over trade talks between China and the US.

The onshore spot rate opened at 6.7880, some 530 basis points weaker than the closing price on April 30, China's last trading day before the extended May Day holiday. The offshore spot exchange rate was 6.8058 when the onshore market opened at 9.30 a.m. Beijing time, 45 bips stronger than it was 70 minutes earlier.

China's central bank set the central parity rate between the two currencies at 6.7344 this morning, making the yuan 58 bips weaker than it was on April 30.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the People's Bank of China, fixes the benchmark on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

Editor: James Boynton