(Yicai Global) Jan. 5 -- The People’s Bank of China strengthened the yuan by 648 basis points against the US dollar this morning, fixing the central parity rate at 6.4760, its highest since June 21, 2018 and the biggest increase since Oct. 12.

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 swing 2 percent above or below its figure.

Editor: Ben Armour