(Yicai Global) Jan. 22 -- The People's Bank of China weakened the yuan by 247 basis points against the US dollar this morning, fixing the central parity rate at 6.8853.

The onshore yuan market closed at 6.9065 yesterday, depreciating 452 basis points during the day. The previous day, the redback touched a seven-month high.

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: Emmi Laine