(Yicai Global) Dec. 27 -- The People's Bank of China weakened the yuan by 78 basis points against the dollar this morning, fixing the central parity rate at 6.9879.

The onshore yuan market closed at 6.9984 yesterday, depreciating 161 basis points during the day after the redback hit a more than four-month high on Dec. 25.

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.

Editor: James Boynton