(Yicai Global) July 23 -- The People's Bank of China weakened the yuan against the US dollar this morning, fixing the central parity rate at 6.9921, 203 basis points softer for the redback from yesterday.

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 swing 2 percent above or below its figure.

Editor: Emmi Laine