(Yicai Global) Feb. 21 -- The Chinese yuan has strengthened against the US dollar hundreds of basis points onshore and offshore this afternoon.

The onshore forex spot rate rose to 6.6887, over 300 basis points firmer than the opening rate of 6.7200. The offshore rate surged to the peak of 6.6834, over 350 basis points stronger than the opening price of 6.7186.

The People's Bank of China lifted the yuan-dollar central parity rate 338 basis points to 6.7220 this morning, the firmest since Feb. 1. The currency may deviate 2 percent from that midpoint in the spot forex market.

Editor: Emmi Laine