(Yicai Global) Feb. 3 -- The People's Bank of China softened the yuan by 530 basis points against the dollar this morning to 6.9779, marking the redback's biggest single-day depreciation since July 20, 2018.

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.