(Yicai Global) May 9 -- The People's Bank of China fixed the yuan's central parity rate against the dollar 69 basis points higher today, marking the weakest redback since Feb. 14.

The China Foreign Exchange Trade System (CFETS), the interbank trading and foreign exchange division under the central bank, set the rate at 6.7665 following yesterday's onshore close of 6.7716. A higher rate means a weaker yuan.

CFETS fixes the benchmark parity rate on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

Editor: James Boynton