Following the move, bank officials told reporters that the currency would strengthen when the market stabilizes, and there was "no basis" for a further depreciation of yuan, the Wall Street Journal reported.
On Tuesday, the bank lowered the rate of the yuan against the dollar by 1.9 percent. Wednesday's dollar-yuan central parity rate showed a further 1.6 percent decrease.
Chinese currency was stabilized at around 8.3 yuan per dollar until the summer of 2005 when it began to strengthen. Since June 2008, the yuan held at 6.8 against the US dollar, and in September 2010 began an additional increase. The yuan peaked in January 2014, at 6.0 yuan against the US dollar.
In recent months, the yuan strengthened alongside the dollar, making Chinese exports more expensive and raising the risk of manufacturing job losses in industries that employ tens of millions of workers.
