(Yicai Global) Aug. 20 -- The People's Bank of China weakened the yuan by 89 basis points against the dollar this morning, fixing the central parity rate at 7.0454 against yesterday's 7.0365.

The onshore yuan closed at 7.0445 a dollar yesterday, rising 1 bip throughout 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 deviate 2 percent above or below the figure.

Editor: James Boynton