(Yicai Global) May 14 -- China's central bank set the yuan central parity rate against the US dollar at 7.0948 this morning, softening the redback by 73 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 swing 2 percent above or below its figure during the day.

Editor: Ben Armour