(Yicai Global) Aug. 7 -- The People's Bank of China strengthened the yuan by another 30 basis points against the US dollar this morning, fixing the central parity rate at 6.9408 from yesterday's 6.9438.

It is the firmest point for the redback against its green counterpart since March 10.

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.

The US Dollar Index accelerated its weakening trend since early July, with the buck currently hovering around its softest point in more than two years.

Editor: Ben Armour