(Yicai Global) Dec. 4 -- The People's Bank of China weakened the yuan by 159 basis points against the dollar this morning, fixing the central parity rate at 7.0382.

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 onshore yuan market closed at 7.0471 yesterday, depreciating 22 basis points throughout the day.

Editor: James Boyton