(Yicai Global) March 29 -- The country's central bank the People's Bank of China softened the yuan by 122 basis points against the dollar this morning, fixing the central parity rate at 6.7335.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate 63 points higher than yesterday's market-based closing price of 6.7398.

The CFETS sets the benchmark on the morning of each business day. Spot rates may fluctuate 2 percent above or below its figure.

Editor: Ben Armour