(Yicai Global) June 27 -- The People's Bank of China weakened the yuan by 77 basis points against the dollar this morning, fixing the central parity rate at 6.8778, some 77 bips lower than yesterday's market-based close of 6.8855. A lower rate means a stronger yuan.

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: James Boynton