(Yicai Global) Feb. 6 -- The People's Bank of China weakened the yuan's central parity rate by 162 basis points to 6.9985 against the dollar this morning, marking the fourth consecutive day that the central bank has depreciated the Chinese currency.

PBOC has depreciated the yuan by a total 1,109 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. 

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.