(Yicai Global) July 8 -- The People's Bank of China weakened the yuan by 184 basis points against the dollar this morning, fixing the central parity rate at 6.8881, or 100 bips higher than last Friday's market-based close of 6.8781. 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