(Yicai Global) Jan. 21 -- The People's Bank of China weakened the yuan by 109 basis points against the dollar this morning, fixing the central parity rate at 6.7774.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, fixed the central parity rate against the greenback at 6.7774, some 68 points higher than the market-based closing price of 6.7706 on Jan. 18.

The CFETS sets the benchmark on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

Editor:  James Boynton