(Yicai Global) Jan. 23 -- The People's Bank of China weakened the yuan by 115 basis points against the dollar this morning, fixing the central parity rate at 6.7969 and marking four straight days of a weakening redback.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate 144 points lower than yesterday's market-based closing price of 6.8103, which was the yuan's poorest close price since January 9th. A lower rate means a stronger yuan.

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