(Yicai Global) Aug. 7 -- The People's Bank of China weakened the yuan by 313 basis points against the US dollar this morning, fixing the central parity rate at 6.9996 from yesterday's 6.9683.

The onshore yuan market closed at 7.0321 to the dollar yesterday, rebounding 31 basis points after the rate broke through the 7/1 mark on Aug. 5 in the weakest yuan since 2008.

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 its figure.

Editor: Ben Armour