(Yicai Global) Sept. 4 -- The People's Bank of China weakened the yuan by 40 basis points against the US dollar this morning, fixing the central parity rate at 6.8359, finishing an eight-day streak of strengthening the redback.

The onshore yuan market closed at 6.8355 yesterday, depreciating 94 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 deviate 2 percent above or below the figure.

The central bank has strengthened the yuan by 532 basis points this week amid the recent depreciation pressures of the US dollar.

Editor: Emmi Laine