(Yicai Global) March 27 -- The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under China's central bank, set the yuan parity rate against US dollar at 7.0427, 265 basis points stronger for the redback than yesterday in the largest drop in 24 days.

CFETS fixes the benchmark parity rate on the morning of each business day. Spot rates may fluctuate 2 percent above or below its figure.

Editor: Ben Armour