(Yicai Global) Feb. 5 -- The People's Bank of China softened the yuan's central parity rate by 44 basis points against the dollar to 6.9823 this morning.

The central bank has depreciated the yuan by a total 947 bips since markets re-opened on Feb. 3, following an extended holiday for the Chinese New Year as the deadly novel coronavirus from Wuhan spread further across the country. Yesterday's 530 bip adjustment was the largest in 18 months.

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.