(Yicai Global) Oct. 14 -- The People's Bank of China softened the yuan by 177 basis points against the US dollar this morning, fixing the central parity rate at 6.7473.

The onshore yuan market closed at 6.7385 yesterday, depreciating 27 basis points during the day. That day, the central bank had weakened the redback by 170 basis points against the dollar. Before that, it had set the central parity rate at 6.7126 on Oct. 12, the strongest for the yuan since April 23, 2019.

The 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