(Yicai Global) Sept. 3 -- The People's Bank of China strengthened the yuan by 57 basis points against the dollar this morning, fixing the central parity rate at 6.8319, thus making for a more robust redback for eight days in a row.

The onshore yuan market closed at 6.8261 yesterday, depreciating 22 basis points during the day to rein in back-to-back drops in the value of the greenback.

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 deviate 2 percent above or below its figure.

Editor: Ben Armour