(Yicai Global) Sept. 8 -- The yuan jumped to a 21-month high against the dollar on Friday. The dollar-yuan spot exchange rate declined sharply to break the 6.44 threshold at around 14.00 p.m. on Friday in both onshore and offshore markets.

The lowest onshore and offshore rates were quoted at 6.4350 and 6.4387, respectively. Compared with the rates at the trade opening, the onshore rate (USD/CNY) declined more than 500 basis points, marking a new high for China's currency since December 2015.

Following that, the offshore rate (USD/CNH) recovered quickly to 6.4671 at around 14.40 p.m. The yuan continued fast appreciation since it broke the 6.50 milestone yesterday.