(Yicai Global) July 10 -- The People's Bank of China weakened the yuan by three basis points against the dollar this morning, fixing the central parity rate at 6.8856, some 10 bips higher than yesterday's market-based close of 6.8846. A higher rate means a weaker 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