(Yicai Global) June 29 -- The People's Bank of China softened the yuan by 253 basis points against the US dollar this morning, fixing the central parity rate at 7.0808.

The onshore yuan market closed at 7.0744 on the previous trading day, depreciating 94 basis points during the day.

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 its figure.

Editor: Emmi Laine