(Yicai Global) May 12 -- China's central bank set the yuan central parity rate against the US dollar at 7.0919 this morning, weakening the redback by 150 basis points from yesterday.

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

Editor: Ben Armour