(Yicai Global) Nov. 17 -- The People's Bank of China hardened the yuan by 286 basis points against the dollar this morning, fixing the central parity rate at 6.5762, the strongest redback rate since June 27, 2018.

Onshore, the yuan market closed at 6.5770 yesterday, appreciating 374 basis points during the day. The redback has enjoyed a sustained rise recently as the US is expected to ply a looser monetary policy after President-elect Joe Biden takes office in January.

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