(Yicai Global) Jan. 26 -- The People's Bank of China weakened the yuan by 28 basis points against the US dollar this morning, fixing the central parity rate at 6.4847.

The onshore yuan market closed at 6.4763 yesterday, appreciating 14 basis points during the day.

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 fluctuate 2 percent above or below its median figure.

Editor: Ben Armour