(Yicai Global) Dec. 6 -- The Chinese yuan started the morning by softening against the US dollar for the second day in a row today after logging strong gains at the beginning of the week.

The onshore yuan's spot rate opened at 6.8750, which was weaker than the 6.8580 at the night trading close yesterday. The offshore spot exchange rate was 6.8755 in the morning.

The People's Bank of China set the central parity rate between the two currencies at 6.8599 today, which means a 123 basis points weaker standing for the redback in comparison to yesterday.  

Earlier this week, the yuan rose 1215 basis points against the US dollar on the onshore market in just two days. 

Editor: Emmi Laine