(Yicai Global) Feb. 3 -- The People's Bank of China softened the yuan by 373 basis points against the US dollar this morning, the redback's biggest depreciation since early August 2019, fixing the central parity rate at a three-week low 6.9249.

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.