(Yicai Global) Jan. 22 -- The People's Bank of China weakened the yuan by 80 basis points against the dollar this morning, fixing the central parity rate at 6.7854.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate some 47 points higher than yesterday's market-based closing price of 6.7901. A higher rate means a weaker yuan.

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

Editor: James Boynton