(Yicai Global) Aug. 8 -- The People's Bank of China weakened the yuan by 43 basis points against the US dollar this morning, fixing the central parity rate at 7.0039 from yesterday's 6.9996.

This was the first time for the central parity rate to break 7/1 since 2008, following the onshore and offshore yuan, which both smashed through this milestone on Aug. 5.

The onshore yuan market closed at 7.0414 to the greenback yesterday, depreciating 93 basis points during the day.

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